Futures contracts of soybean were down on the NCDEX because of subdued demand for soymeal, a derivative of soybean, in physical markets.

The most-active March contract was at 3,836 rupees per 100 kg, down 0.6% from the previous close. Weak cues from benchmark soybean contracts on the CBOT also weighed on prices on the domestic bourse.

In Indore, a key spot market, prices remained largely steady from Monday at 3,990-4,000 rupees per 100 kg. Arrivals were pegged steady at 2,500 bags (1 bag = 100 kg).

Soybeans futures recovered 4 3/4 to 5 3/4 cents on a light Turnaround Tuesday bounce. Soybean meal futures stayed at the $0.40/ton recovery. March bean oil futures fell 26 points for the day.

The national average soybean basis from cmdtyView was 45.65 cents under March on 02/25. That is 45 points weaker than before yesterday’s sell off, but is the second (to yesterday) strongest basis since 07/29 2016’s 35.16 cents under. Today’s national average soybean basis from cmdtyView is 45.8% stronger than the same day last year.

The February average for November soybeans to date is $9.185, with 3 days remaining in the calculation period. Accumulated soybean exports were 1,061 mbu through 02/20, which is 58.15% of the USDA’s projected MY soybean exports.

Accumulated shipments sit 14.98% above last year’s pace, with WASDE projecting a 4.41% yr/yr growth. Through Feb 20 Brazil soybeans were 31% harvested, compared to 45% at the same point last year.