Prices of soybean fell in key spot markets due to weak demand from crushing.

Prices of soybean fell in key spot markets due to weak demand from crushing units amid a marginal rise in arrivals. In Indore, the oilseed was sold for 3,800-3,810 rupees per 100 kg, down 5-10 rupees from previous day. Arrivals in Madhya Pradesh were pegged at 105,000 bags (1 bag = 100 kg) compared with 100,000 bags on previous day. futures contracts of soybean also edged lower on the NCDEX, tracking weak cues from key spot markets. The March soybean contract fell 0.4% to 3,621 rupees per 100 kg.

Soybean futures failed to move higher on the bullish export numbers, closing 5 to 6 1/2 cents lower in most contracts. Meal futures were down $2.70/ton in the nearby contract, with soy oil 16 points higher. This morning’s USDA Export Sales report showed a total of 2.196 MMT of old crop soybeans sold in the week of 2/21. That was well above the trade range estimates and the same week last year. China was the buyer of 1.816 MMT, with 421,100 MT in net reductions for unknown (most of which were likely switched). None of that business had been reported under the daily system. Soy meal sales were tallied at 113,551 MT, with soy oil at 10,600 MT. January crush data via the Fats & Oils report will be released on Friday, with the average analyst estimate at 182.7 mbu.