SOYABEAN MARKET UPDATE

Soyabean settled up by 3.4% at 4009 on supply worries in domestic as well as international market and on robust China demand. The United States department of agriculture (USDA) trimmed 2015-16 United States soybean production forecast and also cut forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report. The USDA cut US, the world's biggest bean grower, 2015-16 production estimates to 105.8 million tons compared to 107.1 in the previous month estimates and 106.9 million tons a year ago.
Trading Ideas:
Soyabean trading range for the day is 3880-4090.
Soyabean prices ended with gains on supply worries in domestic as well as international market and on robust China demand.
China September Soybean Imports jumped 44% to 7.26 million tons on year while imports during Jan-Sep climbed 13% to 59.65 million tons.
Export of soybean meal in September month jumped near seven fold high to 6,886 tons compared to 868 tons for the corresponding period a year ago.
At the Indore spot market in top producer MP, soybean gained 50 rupee to 3880 rupee per 100 kgs.


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