Futures contracts of soybean ended lower on the National Commodity and Derivatives Exchange due to a steady demand and low supply in the spot market.

Expectation of a rise in acreage in central India due to progress of monsoon rains is seen weighing of soybean prices.

Refined soyoil futures traded higher tracking the benchmark contract on Chicago Board of Trade.

However, soyoil prices are seen under pressure on the possibility that imports may rise further this month as the government could impose a 10% cess to curb imports, which rose 6% on year in June.

Soybean futures saw 20 1/4 cent gains in the front months. That parred back losses from the other 4 trade session this week, as Aug was down just 1.29% this week.

August soybean meal was up $4.20/ton, with soy oil up 46 points. A report from Reuters shows lower Brazilian crop quality this year with some Chinese business at risk. Rumors of improvements in the Trade War also gave the buying some fuel.

After the close, President Trump stated US Treasury Sec had a “very good talk” with China over the phone this week.

Estimates from Safras & Mercado show expected 19/20 soybean production in Brazil at a record 123.788 MMT, with acreage seen up 0.8% from last year.

This afternoon’s CFTC report indicated money managers in soybean futures and options backing off their net short position by 2,999 contracts to -38,935 contracts.