Soybean prices in Indore fell due to weak demand from crushing plants at high price levels.
In Indore, the oilseed was sold for 3,750-3,850 rupees per 100 kg, down 10-15 rupees from previous, while arrivals in Madhya Pradesh were steady at 85,000-90,000 bags (1 bag = 100 kg). Soybean futures on NCDEX also fell tracking spot markets.
The most-active February contract was at 3,818 rupees per 100 kg, down 0.3% from the previous close. are likely to edge up in coming days due to rising meal export demand.
The United States exported a record-breaking 2.6 billion bushels of U.S. soy and soy products, valued at more than $28 billion last market year, ending in September.
The U.S. also set a record high in combined volume of the whole soybeans, soybean meal and soybean oil exported in 2017/2018, with soybean meal exports accounting for the greatest growth.
The records were achieved despite the ongoing trade war with China that hindered U.S. soybean exports.
The official marketing year runs from October to September, and exports during the 2017/2018 marketing year would not have been largely impacted by the tariffs introduced by China as shipments abroad normally take place after harvest.