After gaining in the previous session, the February contract of soybean closed nearly 1% lower on National Commodity and Derivatives Exchange due to waning demand for soymeal as Iran, which has been a major buyer, is turning to Brazil for cheaper oilmeal.

Soybean rose on the Chicago bourse following optimism over easing stress between the US and China in their ongoing meet.

The US is the world’s top grower of soybean, while China is its largest importer.

Crude palm oil on Multi Commodity Exchange of India edged lower 0.2% tracking weakness in key contracts on Bursa Malaysia Derivatives.