Price of soybean in Indore was steady due to weak demand from crushing plants on concern that exporters may be saddled with high inventories because of a likely fall in meal exports during December. However, a steep fall in prices was averted due to a decline in arrivals. , the oilseed was sold at 3,350-3,375 rupees per 100 kg, unchanged. Arrivals in Madhya Pradesh, the largest grower, were pegged at 125,000-130,000 bags (1 bag = 100 kg) compared with 200,000 bags on previous day. On the NCDEX, the most active January contract was down 0.2% at 3,445 rupees per 100 kg.
Futures contracts of soybean and mustard fell on domestic exchanges, while those of refined soyoil, and crude palm oil rose. The January futures contract of soybean on the National Commodity and Derivatives Exchange closed 0.4% lower due to weak export demand for soymeal. India’s soymeal exports are expected to have declined 24% on month to around 200,000 tn in December, primarily due to an appreciation in the rupee against the dollar. Soybean rose on the CBOT due to prospects of declining yields in Brazil, the world’s second-largest grower, because of dry weather.