Soybean prices in Indore were largely steady due to weak demand from crushing units and exporters amid lower arrivals.

In Indore, the oilseed was sold at 3,780-3,790 rupees per 100 kg, steady from previous close.Arrivals in Madhya Pradesh, the largest grower, were pegged at 60,000 bags (1 bag = 100 kg), down 10,000 bags.

Tracking spot cues, soybean futures on NCDEX also remained largely flat. The April soybean contracts was steady at 3,762 rupees per 100 kg.

 

Soybean futures ended the Tuesday session with most contracts 4 to 5 cents in positive territory. Nearby meal futures were up $1.20/ton, with soy oil 39 points higher.

The USDA Ag Attach for China estimates Chinese soybean imports at 91.5 MMT for 19/20, which would be up from the 88 MMT projected for 18/19.

March soybean exports from Brazil were seen at 8.95 MMT according to Trade Ministry data That was slightly larger than the same month in 2018 and 47% above February shipments.

Estimates from FCStone show the Brazilian soybean crop at 115.7 MMT, a 2.7 MMT jump from last month’s estimate.