Soyabean On NCDEX Settled Down By -2.62% At 3640



Soyabean on NCDEX settled down by -2.62% at 3640 in anticipation of higher supply and poor off-take. Expectation of higher supply on the back of normal monsoon and decreasing profit margin of crusher, millers also weighing on prices. Traders believe that higher remunerative rate of soybean may prompt farmers to take higher area under soybean sowing. In spot market soybean has given a return of around 20-22% during this year, which is enough to impact farmers' decision regarding sowing of crops.

Further, forecast of good monsoon may also attribute to higher production in India during 2018-19 kharif season which will also keep prices under pressure. According to the United States Department of Agriculture (USDA), farmers in Indian may expand soybean acreages by 10% to 11.5 million hectare. According to the United States Department of Agriculture (USDA), farmers in Indian may expand soybean acreages by 10% to 11.5 million hectare.

If realised, soybean output in India may rise to 10.8 million tons compared to around estimated 8-9 million tons in 2017-18. In the weekly USDA crop progress report; Soybeans planting are reported at 35% which is up from 29% from the corresponding period last year and higher compared to the 5 year average of 26%.

About 10% of the crop has emerged which is higher than 7% during the corresponding period last year and also up from the 5 year average of 6%. At the Indore spot market in top producer MP, soybean dropped -67 Rupees to 3717 Rupees per 100 kgs.Technically now Soyabean is getting support at 3604 and below same could see a test of 3569 level, And resistance is now likely to be seen at 3701, a move above could see prices testing 3763.

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