The July soybean contract on National Commodity & Derivatives Exchange closed 1.5% lower today following progress in monsoon in key growing areas of the country.

Monsoon current entered into east Rajasthan, covered most parts of Madhya Pradesh, and moved further into Uttar Pradesh.

India’s soybean acreage rose to 274,000 ha as of Thursday, from 53,400 ha a week ago.

Gains in soybean contracts on the Chicago Board of Trade, however, cushioned the fall on NCDEX.

Soybean futures posted 9 to 10 1/4 cents losses in most contracts. Soybean meal was down $1.30/ton, with soy oil 32 points lower. The markets will close early on Wednesday ahead of the 4th of July Holiday, with no trade on Thursday.

The national soybeans cash index was reported at $8.04 1/4 by cmdtyView on Tuesday, putting basis at -75 1/4 cents vs. Aug.

The Crop Progress report from NASS showed that crop conditions did not improve at 54% gd/ex, with the Brugler500 Index down 1 to 348 the lowest since 2012. By state ratings slipped in IN, IA, MN, NE, ND, and OH on the week.