SOyabeam market update

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Soyabean pared gains on profit booking after prices gained earlier on supply worries from United States following weak crop update report. US fall harvest is off to a slower-than-normal start this year as heavy rains drenched parts of the Farm Belt and stalled fieldwork last week. Farmers had collected 10% of the US soybean crop versus an average 13% from 2011 to 2015. 

Wet weather and flooding halted combines in parts of the Midwest last week, with farmers behind schedule in states like Iowa, Minnesota and Wisconsin, where six times the normal amount of precipitation fell over some fields last week. About 68% of the US soybean crop is dropping leaves which down from 69% during the corresponding period last year but above from 64% with the 5 year average.


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Trading Ideas: Soyabean trading range for the day is 3154-3222. 

Soyabean prices pared gains on profit booking after prices gained earlier on supply worries from United States. 

Soybean 2016-17 production is likley to jump by 36% to 9.5 million tons on improved rains this year. 

US Soybean Crop Dropping Leaves 68% vs 64%, Harvested 10% vs 13%, Good to Excellent Condition 73% - USDA At the Indore spot market in top producer MP, soybean dropped -39 rupee to 3154 rupee per 100 kgs.

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