Soyabean On NCDEX Settled Up By 1.43% At 3120

Soyabean on NCDEX settled up by 1.43% at 3120 on supply worries following reports of lower acreages. Prices of soybean will remain up as lower acreages sparked worries regarding supply shortage in long-term. As per government data, area under soybean crop across the country for the 2017-18 kharif was 9.89 million hectares till last week, down about 10.4% on year. Last year, the acreage was 11.04 million hectares.

Additionally, the International Grains Council (IGC) in its report last week has lowered its forecast for total Soybean production for 2017-18 to 345 million tons, down 3 million tons from June and down from 351 million tons in 2016-17. Further, strong export data from United States will also keep prices up by boosting expectation of strong demand in global market.

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