Soybean contracts rose on NCDEX due to improved demand from millers amid low spot supply at the end of the season.
The most-active March soybean contract was 0.8% higher at 3,912 rupees per 100 kg on NCDEX. However, weakness in benchmark soybean contracts on CBOT capped the upside.
In Indore, the benchmark market, soybean prices were largely steady at 3,950-4,000 rupees per 100 kg. Arrivals were at 2,000 bags (1 bag = 100 kg), almost flat from Tuesday.
Soybeans finished the Wednesday session with gains in the front months. Deferred months were the weakest, while March soybeans were up a nickel. March soymeal futures closed $0.80/ton higher.
March soybean oil settled 14 points lower after being down 33 points at midday. The national average soybean basis from cmdtyView was -0.4702 on 02/19, following the week’s trend of tightening.
The national average soybean basis was at its firmest level since the turn of the year. US soybean planted acreage for 2020 is expected to be 84.6 million acres according to a Reuters survey.
The Brazilian Real is near an all-time low vs. the Dollar, causing the South American beans to look a little cheaper to buyers. That is especially not helpful to US exports with a record Brazilian crop expected.