Soyabean on NCDEX settled up by 1.2% at 3115 on expectation of strong demand from processors amid lower arrivals in the markets. The arrivals are likely to be steady to moderately lower amid expectation of pickup in demand from oil millers and crushing units.As per market participants demand of soymeal at Rs 23,000 per tons is likely to fade if the price of broiler chicken does not increase at least by around Rs 10-15/kg. SOPA said in a press release said that India's 2016-17 soybean output is expected to rise by 64.14% to 11.4 million tons on favourable weather condition. 

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In 2015-16 Indian farmers had produced 7 million tons to the yellow bean. Total availability of the bean in 2016 is expected to remain at 11.932 million tons including the carry over stock of 441,000 tons from the previous year, the press release said. Normal rainfall this year after two consecutive droughts has brought back the expectation of bumper sowing and production of soyabean in India. For 2016-17, USDA has estimated world soyabean production at 338 million tonnes (mt) with 65 % 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 26 rupee to 3091 rupee per 100 kgs.Technically market is under fresh buying as market has witnessed gain in open interest by 3.64% to settled at 67120 while prices up 37 rupee, now Soyabean is getting support at 3086 and below same could see a test of 3056 level, And resistance is now likely to be seen at 3140, a move above could see prices testing 3164.