Soyabean On NCDEX Settled Up By 0.13% At 3124

Soyabean on NCDEX settled up by 0.13% at 3124 due to lower acreage and dry conditions in soybean growing areas of Madhya Pradesh. However, ample supplies of edible oil in the country, capped some gains. As per government data, soybean planting fell 10.4% to 99 lakh hectares compared with the same period last year.

Last year, the acreage was 110 lakh hectares. Kharif sowing of soybean fell so far during the period due to a drop in acreage in Madhya Pradesh, the country's largest producer of soybean, as most farmers shifted to more profitable crops such as cotton due to poor returns from oilseeds last year. The U.S. Department of Agriculture said private exporters sold 206,000 tonnes of U.S. soybeans to unknown destinations for delivery in the 2016-17 marketing year that began Sept. 1, 2016.

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