contract of soybean hit a two week low of 3,312 rupees per 100 kg on NCDEX as the prices of soy were weak in the spot markets and trade thin. At 1440 IST, the contract was at 3,316 rupees, down 0.8% from previous close. In the spot markets, oilseed prices were down ahead of the year-end. In the benchmark market of Indore, soybean sold for 3,350-3,375 rupees per 100 kg, down 25 rupees from previous day. Arrivals in the largest soybean growing state of Madhya Pradesh were pegged at 100,000 bags (1 bag = 100 kg), steady from the previous day.

As soybeans are far more affected by the U.S. trade war with China than corn, the trend adds to economic risk across a U.S. farm belt the Trump administration recently said would get up to $12 billion in aid to make up for trade related losses. China resumed buying U.S. soybeans in December as part of a trade war truce following a meeting between Chinese President Xi Jinping and Trump, but the amount of purchases remains well behind the pace of previous years.