Futures contracts of soybean on NCDEX edged lower due to weak soymeal exports during February.

On NCDEX, the most-active March contract was at 3,671 rupees per 100 kg, down 1.1% from the previous close.

During February, India’s soymeal exports fell about 6% on year to 69,428 tn, according to data released today by The Solvent Extractors’ Association of India. For Apr-Feb, soymeal exports were at 1.08 mln tn, down 3.3% on year.

Soybean prices, however, gained slightly in key spot markets due to firm demand.

In Indore, soybean was sold at 3,860-3,880 rupees per 100 kg, up 10 rupees from previous close

Soybean futures managed to squeeze out fractional to 1 cent gains in most front months on Thursday. Meal futures were up 20 cents/ton in the nearby contract, with soy oil 10 points lower.

Rumors of new Chinese buying (up to 2 MMT) partially offset the low sales reported this morning. The weekly Export Sales report tallied old crop soybean bookings nearly half of the low end of estimates at 311,442 MT, with 72,000 MT for new crop.

Of that total 147,604 MT was sold to China, with 174,600 MT reported in net reductions for unknown. Soy meals sales totaled 230,523 MT for 18/19, with soy oil at 8,136 MT.

Analysts expect USDA to trim Brazil’s production total to 115.7 MMT, with Argentina seen slightly higher at 55.23 MMT. They also see world carryout at 106.33 MMT, 0.39 below last month.