Soyabean on NCDEX settled down by -0.43% at 2976 tracking weakness in spot demand despite of by lower acreage and dry conditions in soybean growing areas of Madhya Pradesh. The IGC has increased the global soybean output in 2017/18 following record harvest in U.S. Global soybean production in 2017/18 was put at 348 million metric tonnes, up from previous forecast of 347 million but still below the 2016/17 record crop of 351 million metric tonnes. Soybean consumption is likely to increase to 351 million metric tonnes compared to 338 million metric tonnes in 2016/17.

Trading Ideas:

* Soyabean trading range for the day is 2932-3024.

* Soyabean prices dropped tracking weakness in spot demand despite of lower acreage and dry conditions in soybean growing areas.

* China’s soybean imports from the United States are likely to be delayed by at least two weeks as suppliers struggle to find high-quality beans.

* NCDEX accredited warehouses soyabean stocks gained by 460 tonnes to 5317 tonnes.

* At the Indore spot market in top producer MP, soybean gained 1 Rupees to 2935 Rupees per 100 kgs.

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