The March soybean contract on NCDEX hit an over seven-week low of 3,643 rupees per 100 kg due to a rise in arrivals at key spot markets.

A likely rise in soybean production also weighed on prices.

At 1255 IST, the March soybean contract was at 3,648 rupees per 100 kg, 1.1% lower from the previous close.

India’s 2018-19 (Jul-Jun) soybean output is estimated at 11.5 mln tn, up 37% on year, the Soybean Processors Association of India had said.

Soybean futures ended the Wednesday session with most contracts fractionally mixed. Meal futures were the leader to the upside, $1.80/ton higher in the nearby contract, with soy oil down 29 points.

Tomorrow is first notice day for March deliveries. Thursday’s up to date Export Sales report is expected to show old crop bookings of 0.5-1 MMT in the week of 2/21, with new crop at 50,000-150,000 MT.

Soy meal is seen at 50,000-400,000 MT, with 5,000-24,000 MT for soy oil. DERAL in Parana (Brazil) says that 51% of the soybeans in that state have been cut out of 58% of the crop that has reached maturity.