Futures contracts of soybean were largely unchanged on NCDEX on cues from spot markets, where prices were relatively steady.

The most-active October contract was 0.1% lower at 3,577 rupees per 100 kg.

In Indore, the benchmark market, prices of soybean were steady at 3,650-3,750 rupees 100 kg. Arrivals were also steady at 1,700 bags (1 bag = 100 kg).

Oil millers and stockists are awaiting the fresh crop, expected to arrive by the end of September.

Soybeans futures ended the session with 12 to 14 cent losses in the nearby contracts.

Soybean meal is down $3.50/ton, with soy oil down 32 points. US and China did agree to trade talks set for early October, which the trade mostly ignored.

The trade range of estimates for old crop soybean sales are a net reduction of 150,000 to sales of 100,000 MT. New crop soybean bookings are seen at 200,000-600,000 MT.

Meal sales are expected to total 125,000-325,000 MT, with soy oil at 0-28,000 MT.

FC Stone expects Brazil’s 19/20 soybean crop to total 121.41 MMT, which is below the current USDA projection of 123 MMT.