Prices of soybean fell in Indore due to weak demand from millers and bulk buyers. Steady arrivals, however, capped the decline in prices.
In Indore, soybean was sold at 3,870 rupees per 100 kg, down by 10-15 rupees. Arrivals were pegged steady at 40,000 bags (1 bag = 100 kg).
Taking cues from spot markets, soybean futures on the NCDEX also fell. The most-active July contract was down 0.4% at 3,655 rupees per 100 kg.
Soybean futures ended the session with most contracts 2 to 3 cents higher. Soymeal was up $1.10/ton, with bean oil UNCH on the day.
The USDA showed that 714,627 MT of US soybeans were shipped in the week of June 6, according to the Export Inspections report. That was 40% larger wk/wk and 5.77% above the same week last year.
Of that total 402,854 MT was headed to China. The weekly Crop Progress report indicated that 60% of the US soybeans crop was planted by Sunday.
That was still 28% behind normal, with 34% emerged vs the 73% average. US and Chinese officials met in Japan over the weekend to establish back channel communication.
Secretary Mnuchin stated they need to come back to the table for negotiations or the US will go ahead with the plan for more tariffs. Chinese customs data showed 7.36 MMT of soybeans imported in May, down 24.05% from last year.