Prices of soybean fell in Indore due to subdued demand from crushing plants as they have already stocked up the oilseed beforehand.

In Indore, the oilseed was sold at 3,775-3,800 rupees per 100 kg, down 15-20 rupees from previous day.

Arrivals in Madhya Pradesh, the largest grower, were pegged steady at 95,000 bags (1 bag = 100 kg). On NCDEX too, soybean futures edged down on weak cues from spot markets.

The most-active March soybean contract on NCDEX fell 0.7% to 3,682 rupees per 100 kg.

Soybean futures closed Turnaround Tuesday with most contracts 6 to 8 cents lower. Meal futures were down $2.20/ton in the nearby contract, with soy oil 27 points lower.

The USDA reported a private export sale of 120,000 MT of soybeans this morning to Mexico, with 48,000 MT for 18/19 and the balance for 19/20. No Chinese business was reported.

Crop Insurance pricing for the spring of 2019, set by the average of the February close, is at $9.54 3/4 so far, with just 3 days left. Malaysian palm oil futures have seen sharp losses so far this week, down 7.3%.