The October futures contract of soybean on NCDEX fell more than 1% as traders booked profit after the contract rose to a near one-week high.
The front-month contract of the oilseed fell 0.8% to 3,990 rupees per 100 kg.
Soybean was sold at 3,950 rupees per 100 kg in the benchmark market of Indore, 75 rupees higher due to firm domestic demand.
Arrivals are pegged at nearly 2,000 bags, 50% lower, owing to bad weather.
Soybeans futures closed out the week with 4 to 5 1/2 cent losses on Friday. Soybean meal was down 90 cents/ton, with soy oil 39 points lower. USDA reported another export sale of 126,000 MT for 19/20 delivery to China this morning.
That brought this week’s total to 964,000 MT (35.4 million bushels). Money managers in soybean futures and options parred back 6,493 contracts to their net short position at 41,688 contracts as of 9/24.
Weather forecasts are now bringing the 30-35 degree band for overnight lows into the Dakotas and Minnesota next week, increasing frost risk.
Soybeans are more vulnerable than corn, but the amount of crop area covered and the actual temps achieved greatly influence production loss estimates. The crop has also been racing to maturity, and a few cases is already in the bin.
Analysts estimate on average 179 mbu were crushed in the US during August, with estimates ranging from 178.2-180 mbu. Oil Stocks are estimated at 1.974 billion lbs. The Fats & Oils report will be out on Tuesday.