Prices of soybean in Indore fell marginally due to subdued demand from crushers and exporters. Lower arrivals prevented a sharp decline in prices.
In Indore, the oilseed was sold at 3,740-3,850 rupees per 100 kg, about 10 rupees lower than previous day. Arrivals in Madhya Pradesh, the largest grower, were pegged at 80,000-85,000 bags (1 bag = 100 kg), nearly 5,000 bags lower than the previous day.
Soybean futures on NCDEX also eased. The most-active February contract was at 3,790 rupees per 100 kg, down 0.6% from the previous close. seen firming up in the coming days due to rising demand for meal exports.
Chicago soybean futures ticked lower on previous day with pressure from South American harvest gathering pace, although losses were limited by top importer China buying US cargoes.
The most-active soybean contract on the Chicago Board of Trade was down 0.1 percent at $9.19-1/4 a bushel by 0346 GMT, after three straight sessions of gains. Wheat added 0.1 percent to $5.27-3/4 a bushel and corn was down 0.1 percent at $3.80-1/4 a bushel.
Brazil’s soy harvest in the second-largest producing state of Paraná is well ahead of last season, with limited damage to the fields from a drought in December.
U.S. Soybean futures were set to drop for the first time in five sessions on previous day, but losses were curbed by recent Chinese purchases of North American beans amid hopes of a deal to end the Sino-U.S. trade conflict.