Soybean prices rose in Indore due to improved demand from crushing units and exporters.
In Indore, the oilseed rose 10 rupees to 3,840 rupees per 100 kg.
Arrivals in Madhya Pradesh were pegged at 70,000 bags (1 bag = 100 kg), compared with 75,000 bags.
On NCDEX, however, soybean futures fell due to weak meal exports in February. The most-active April contract fell 0.3% to 3,686 rupees per 100 kg.
Soybean futures ended the session with most contracts 2 to 3 cents lower. March meal futures expired up 1.60/ton, with soy oil down 29 points.
March futures expired today. This morning’s Export Sales report showed 1.912 MMT of old crop soybean bookings in the week that ended on March 7.
That was just above the top end of trade estimates and 50.6% larger than the same week in 2018. Most of that was known sales to China (1.708 MMT total), with Mexico the next largest buyer of 67,500 MT.
Year to date soybean commitments for export are now 16.4% below a year ago, catching up from previous weeks. Weekly meal sales totaled 225,978MT, with soy oil at 13,986 MT. Both were in the mainstream of trade ideas.