Soyabean on NCDEX settled up by 0.55% at 3306 on short covering after prices dropped on hope of higher production in global market following robust crop progress reports from United States and India. Soybean Processors Association of India (SOPA) has rated India's 58% soybean crop of 2016-17 as in normal condition and 13% in very good condition. SOPA officials conducted an extensive crop health survey from Aug 21 to 29, 2016 in Madhya Pradesh, Maharashtra and Rajasthan, covering 41 districts and 85% of soybean area, said a media release.

 

India's soybean acreage stood at 11.2 million hectare and out of this crop over 6.5 million hectare in normal conditions while crop over 1.44 million hectare is in very good condition, the report added. Crop over 2.03 million hectare is rated as in good conditions and over 1.2 million hectare in poor condition. 

                     The US soybean crop is reported to be setting pod at 94% up compared to 91% during the corresponding period last year and 92% from 5 year average.About 5% of the crop is dropping leaves which down from 8% during the corresponding period last year but at par with the 5 year average.We are provide all,Agri Commodity Market Tips,nse bse tips, and you can call us on :-9827808090.

  At the Indore spot market in top producer MP, soybean gained  2 rupee to 3464 rupee per 100 kgs.Technically now Soyabean is getting support at 3280 and below same could see a test of 3255 level, And resistance is now likely to be seen at 3326, a move above could see prices testing 3347.