Spot soybean prices steady on lower demand, arrivals.

Soybean price in key spot markets were steady due to subdued demand from crushing units amid weak arrivals. Demand for the oilseed weakened due to a decline in soymeal exports in February.

During February, India’s soymeal exports fell about 6% on year to 69,428 tn, according to data released by the Solvent Extractors’ Association of India.

In Indore, price of the oilseed was steady at 3,860-3,880 rupees per 100 kg. Arrivals in Madhya Pradesh, the largest grower, were pegged at 75,000 bags (1 bag = 100 kg) compared with 80,000 bags on Thursday.

On NCDEX too, soybean futures edged slightly lower, tracking weak cues from spot markets. The most-active April contract of soybean fell 0.2% to 3,710 rupees per 100 kg.

Soybean futures posted losses of 6 to 7 cents in the front months on Friday, with May losing 1.73% this week. Meal futures were down $2.90/ton in the nearby contract, with soy oil 2 points lower.

The USDA reported a private export sale of 664,000 MT of soybeans to China for 18/19 delivery. China hiked projected full year soy imports to 85 MMT from 83.65 MMT, citing lower canola imports.

USDA is at 88 MMT. The US S&D table had a 10 mbu lower carryout for 2018/19 of 900 mbu this morning, as crush was raised by that same number. World ending stocks were up 0.45 MMT to 107.17 MMT, with Chinese crush down 1 MMT. Brazilian production was trimmed by 0.5 MMT to 116.5 MMT.