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 Soyabean on NCDEX settled down by -0.77% at 3089  as pressure seen due to forecast of dry weather in Rajasthan, MP and Maharashtra, aid harvesting of new season crop. After two years of drought affecting production and lifting prices higher in the domestic market, output from India is set to rise, albeit at a lower-than-projected rate due to floods in the top soyabean-growing State of Madhya Pradesh. Increase in global supplies will offset an otherwise rising demand for soyabean products, leading to accumulation of stocks, thus keeping soyabean prices under check in 2016-17. The US Agriculture Department weekly soybean export sales for the current marketing year of 1.417 million tons, topping market forecasts that ranged from 900,000-1.2 million tons.

Soyabean is one of the major oilseed crops in the world, accounting for about 60 % of oilseed production in 2015-16. About 86 % of the world’s total production is crushed for oil. The oil recovery is 17-18 % while the meal forms 80-82 %. The US, Brazil and Argentina are the top three soyabean producing countries in the world, accounting for 83%of the total world production in 2015-16.