Soyabean On NCDEX Settled Up By 2.09% At 2986

Soyabean on NCDEX settled up by 2.09% at 2986 on expectation of good physical buying due to good rally in edible oils. Further, lower arrivals in physical markets and lower sowing data compared to last year also supported soybean prices. Global soybean production in 2016-17 is seen at 351 mln tn, up 36 mln tn from the estimated output for 2015-16, due to upward revision in output by Argentina and Brazil, according to the International Grains Council's report.

Global soybean production in 2017-18 is expected at 348 mln tn, unchanged from last month's estimate, according to the grain body. Soybean consumption is seen at 339 mln tn in 2016-17, up 19 mln tn from 2015-16, while consumption in 2017-18 is seen at 352 mln tn in 2017-18, up 1 mln tn from the last month's projection, the grain body said. Global carryover stocks are pegged at 44 mln tn in 2016-17, up 12 mln tn from 2015-16 stock, while 2017-18 carryover stock is projected at 41 mln tn, up 2 mln tn from the last month's projection.

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