Prices of soybean in the benchmark market of Indore, Madhya Pradesh, were largely unchanged today due to subdued demand from the crushing plants.

Soybean prices, in Indore, were steady at 3,500 rupees per 100 kg and arrivals were also stable at 1,000 bags (1 bag = 100 kg).

A pick up in sowing in soybean and favourable weather conditions in key growing areas may weigh on the prices in coming days.

Soybean futures closed the crazy session with most nearby contracts 11 to 12 1/2 cents lower. USDA’s soybean data was mostly friendly, with limit losses in corn providing the pressure. August soybean meal was down $4.80/ton, with soy oil 13 points higher.

The NASS resurvey of producers shows 76.7 million acres planted to soybeans, down 3.3 mac from the June survey. FSA data also shows producers enrolling 4.351 million acres for soybean prevent plant as of August 1. USDA left projected yield unch from July at 48.5 bpa, taking production to 3.68 bbu (-165 mbu) on the smaller acreage. For old crop, WOAB raised ending stocks for the US by 20 mbu to 1.07 bbu, with new crop down 40 mbu to 755 mbu. World soybean carryout was up 1.55 to 114.53 MMT for old crop, with new crop down 2.79 to 101.74 MMT.

The weekly Export inspections report indicated that 944,238 MT of soybeans were shipped during the week of 8/8, with 468,230 MT headed to China. Total shipments were down from last week but 62.36% larger than last year at this time. Crop Progress data showed soybeans at 82% blooming as of Sunday (93% avg), with 54% reported as setting pods (76%). Condition ratings were unch on the gd/ex score at 54%, as the Brugler500 was down 1 to 346.