TOday Soyabean Update By MarketMagnify

Soyabean settled down by -1.93% at 3193 due to approaching harvest season of India and the US. Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States. An USDA report had indicated last week that the US crop condition was stable. India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Prices of the bean were also down after the United States department of agriculture (USDA) rose 2015-16 United States soybean production forecast while hiked its forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.
Soyabean trading range for the day is 3134-3290.
Soyabean prices dropped due to approaching harvest season of India and the US.
Pressure also seen on prices due to on weak demand in export market and on higher supply of the crop from United States.
An USDA report had indicated last week that the US crop condition was stable.
At the Indore spot market in top producer MP, soybean dropped -34 rupee to 3359 rupee per 100 kgs.
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