Soyabean on NCDEX settled down by -0.69% at 3026 as pressure seen amid improving supplies in the domestic market. India's 2016-17 soybean output is expected to rise by 64.14% to 11.4 million tons on favourable weather condition, Soybean Processors Association of India (SOPA), said in a press release on Friday late evening. In 2015-16 Indian farmers had produced 7 million tons to the yellow bean. 

Total availability of the bean in 2016 is expected to remain at 11.932 million tons including the carry over stock of 441,000 tons from the previous year, the press release said. The industry expects soybean meal production at 1.278 million tons in 2016-17 on higher soybean output. 

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According to SOPA data, 1 million tons of fresh crop arrived in local markets in the state in November. Industry participants expect exports to reach 1.5-2 million tons this season as against negligible exports in the last two years. 

According to Solvent Extractors Association (SEA) of India, import of soy oil has dropped 36% in November against same month last year, due to demonetisation. At the Indore spot market in top producer MP, soybean dropped -9 rupee to 3036 rupee per 100 kgs.Technically now Soyabean is getting support at 3008 and below same could see a test of 2990 level, And resistance is now likely to be seen at 3054, a move above could see prices testing 3082.