The July soybean contract hit an over seven-week low of 3,607 rupees per 100 kg on NCDEX due to weak demand at spot markets.

The contract, however, pared losses and was down 0.7% at 3,618 rupees.

In Indore, the oilseed was sold at 3,860 rupees per 100 kg, down 15-20 rupees.

Soybean prices are likely to remain weak in the coming days due to a gradual decline in bulk buying.

Soybean futures settled the day with 10 to 11 1/2 cent losses in the front months, following 7 consecutive sessions high.

Soymeal was down $5.10/ton, with bean oil 4 points higher.

Analysts expect USDA to show 100,000-400,000 MY in old crop soybean export sales during the week of 6/13. New crop bookings are seen at 100,000-400,000 MT.

Meal sales are estimated at 100,000-400,000 MT, with soy oil sales expectations at 5,000-25,000.

The national average soybean price index according to cmdtyView is $8.29 1/4, just a 1/4 cent lower than the same day last year. Their national average basis index is 16 cents weaker, however, at -76 cents.