Future contracts of soybean on the NCDEX fell sharply on reports of high carryover stocks and lean overseas demand for soymeal. Of the estimated 11.5 million tonne soybean production in 2016-17 (Jul-Jun) and industry sources believe farmers had 4.6 million tonne in stocks as of April end. The prices fell also because of an expected dip in soymeal exports in May, which reduces the demand for the oil seeds from mills. August soybean contract is down 1.6% while October down 1.9%. Soymeal exports in 2016-17 (Oct-Sep) to 1.5 million tonne from 1.8 million tonne, as a stronger rupee against the US dollar has made Indian soymeal more expensive for overseas buyers.