Soyabean on NCDEX settled down by -0.21% at 3252 on profit booking after gaining earlier due to increased demand in the spot market. Pressure also seen on prices as the United States harvesting season of the record crop is in progress. The government also reported that private exporters had sold 120,000 tons of soybeans for delivery to China during the 2016-17 crop years. 

 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. At the Indore spot market in top producer MP, soybean gained  28 rupee to 3244 rupee per 100 kgs.         

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