The March soybean contract on NCDEX today hit a one-week high of 3,707 rupees per 100 kg due to short covering after prices fell sharply over the previous few sessions.

Prices fell during the last few sessions due to weak demand at spot markets and estimated higher production in 2018-19.

At 1320 IST, the contract was at 3,696 rupees per 100 kg, up 1.3% from the previous close.

A rise in spot prices due to better mill demand also supported prices, traders said. In Indore, the oilseed was sold at 3,835-3,860 rupees per 100 kg, up 10-15 rupees.

Soybean futures closed Turnaround Tuesday with most front months 2 to 2 1/4 cents lower. Meal futures were 70 cents/ton lower in the nearby contract, with soy oil 5 points in negative territory.

CmdtyView’s National Soybean Price Index is at $8.20, which is $1.78 below the same date in 2018. That pegs a national basis of -92 1/4 cents, vs. -79 1/2 cents for March 5 last year.

The average trade estimate for 18/19 carryout prior to this week’s USDA report is 902 mbu, which would be down 8 mbu from last month.

Money managers in soybean futures and options were reported at a net short position of 35,982 contracts as of 2/26. Commitment of Traders data will be back up to date in this Friday’s report.