latest Soybean Market News

by - 5:23 pm

Soyabean trading range for the day is 3049-3113.Soyabean on NCDEX settled down by -0.49% at 3074 amid hopes of higher crop output by various agencies and heavy imports of edible oils also weighed on prices. According to trading sources, arrivals of soybean in Madhya Pradesh, were estimated at 500,000 bags, twice from 250,000 bags previous day. Soybean 2016-17 production is likley to jump by 36% to 9.5 million tons on improved rains this year. Total soybean 2016-17 output expected to be higher at 9.5 million tons as compared to 7 million tons previous year. Soybean crop is expected to be better than previous year as it was the drought year. 

Madhya Pradesh, biggest soybean producer, output to jump 1illion tons to 4.3 million tons on year. Total soybean area fell by 1.40% to 11.47 million hectares compared to last year. The United States department of agriculture (USDA) hiked 2016-17 United States soybean production forecast for October and also raised its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.At the Indore spot market in top producer MP, soybean dropped -33 rupee to 2944 rupee per 100 kgs.

 

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