Soyabean on NCDEX settled down by -0.88% at 3044 on soymeal demand worries due to bird-flue and on expectation of bumper output. Soyabeans at the spot markets once again started to decline following weak demand from processors. Arrivals were higher at 350,000 bags as against 150,000-170,000 bags during previous session. As per latest update by SOPA soy meal exports during October- December are estimated at 370,000 tons as against 108,000 tons during corresponding period last season. Meanwhile the good export demand for meal has overshadowed by record production of soybeans this season. EAR estimates soy meal exports at 1.65 million tons for the season 2016-17 and looking at current numbers there is high possibility of targets being met. 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. Crushers are buying soybean to make sure that they have sufficient inventory to operate the plant at average capacity for next 20-25 days to meet the domestic as well as international soymeal demand. Normal rainfall this year after two consecutive droughts has brought back the expectation of bumper sowing and production of soyabean in India. At the Indore spot market in top producer MP, soybean dropped -29 rupee to 3040 rupee per 100 kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 15.38% to settled at 104340 while prices down -27 rupee, now Soyabean is getting support at 3031 and below same could see a test of 3017 level, And resistance is now likely to be seen at 3068, a move above could see prices testing 3091.
# Soyabean trading range for the day is 3017-3091.
# Soyabean prices ended with losses on soymeal demand worries due to bird-flue and on expectation of bumper output.
# Arrivals were higher at 350,000 bags as against 150,000-170,000 bags during previous session.
# NCDEX accredited warehouses soyabean stocks dropped by 302 tonnes to 146552 tonnes.
# At the Indore spot market in top producer MP, soybean dropped -29 rupee to 3040 rupee per 100 kgs.