Soyabean On NCDEX Settled Up By 1.07% At 3024



Soyabean on NCDEX settled up by 1.07% at 3024 on reports of lower sowing compared to last year. Further, expectation of good crushing demand on reports of hike in import duty too supported soybean prices. Meanwhile, US soybeans rose after the US Department of Agriculture said more of the crop had been damaged by recent dry weather than expected. However, expectation of revival of monsoon in central India, capped some gains.

Acreage of soybean across the country was at 8.46 mln ha as of Thursday, down 17.8% from the year-ago level, latest data from the agriculture ministry showed. Farmers had sown nearly 10.28 mln ha of soybean a year ago. In the weekly USDA crop progress report, Soybeans blooming are reported at 52% which is down from 56% from the corresponding period last year and up from the 5-year average of 51%.

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