Soyabean on NCDEX settled up by 0.6% at 3033 on account of good crushing demand from the mills, even though improving supplies in the domestic market capped some gains. However expectation of higher supply in global market and weak meal demand from poultry limited the upside.

 It maintained soybean acreage at 19.6 million tons for 2016-17. In addition to that, according to Safras, Brazil's soybean planting is 97% completed compared to 95.5% a year ago. 

For 2016-17, USDA has estimated world soyabean production at 338 million tonnes (mt) with 65 per cent of it coming from Brazil and the US. Global consumption is estimated at 330 mt leaving the year-ending stock at 82.85 mt, 7.3% higher than last year. 

At the Indore spot market in top producer MP, soybean gained 9 rupee to 3043 rupee per 100 kgs.Technically now Soyabean is getting support at 3019 and below same could see a test of 3006 level, And resistance is now likely to be seen at 3044, a move above could see prices testing 3056.  

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