The most-active March soybean contract on NCDEX hit a four-month low of 3,786 rupees per 100 kg due to lower demand for soymeal from the poultry sector and overall weakness in edible oils in domestic and global markets.

The March soybean contract was 0.5% lower at 3,810 rupees per 100 kg.

In Indore, the benchmark market, soybean was largely steady at 4,000 rupees per 100 kg. Daily arrivals were 500-700 bags lower at mere 1,000 bags (1 bag = 100 kg) as the season is almost ending. Soybean prices may fall by 200 rupees in coming days due to weak demand.

Soybeans still haven’t fully erased Monday’s drops, but followed up yesterday’s recovery with more of the same. The bounce on Wednesday lifted futures 2 to 3 3/4 cents higher. Bean meal futures came back down from midday highs but still gained $4.80/ton on the day.

March bean oil futures fell another 16 points on the day. The February average for November soybeans to date is $9.18, with 2 days remaining in the crop revenue insurance calculation period. The average analyst estimates for soybean bookings in tomorrow’s Export Sales report are between 600k and 900k MT.

Soybean meal sales are expected to be between 150k and 350 MT, with bean oil bookings between 8,000 and 45,000 MT. World veg oil prices have been declining, putting pressure on crush margins. India approved some pam olein imports, which triggered farmer protests about the potential impact on rapeseed prices.

Argentina suspended grain exports on 02/26 “until further notice”. Wire reports suggest the Argentine government plants to raise the export tax an additional 3% to 33%. Dalian soybeans traded higher on 02/26, with May no.1 beans closing at 4,153s.