Prices of soybean in Indore fell as crushing units and exporters kept away from making bulk purchases at higher price levels. Prices rose sharply during the last week due to a rise in soymeal exports from India during January.

In Indore, the oilseed was sold at 3,750-3,825 rupees per 100 kg, down 40-50 rupees from previous day. Arrivals in Madhya Pradesh, the largest grower, were pegged steady at 85,000-90,000 bags (1 bag = 100 kg). Soybean futures on NCDEX, however, were largely flat on expectation of rising meal exports.

The most-active March soybean contract on the domestic exchange was at 3,720 rupees per 100 kg, down 4 rupees from the previous close. Soymeal exports from India are expected to rise 25% on year to around 1.5 mln tn in 2018-19 (Apr-Mar).

Soybean futures ended the Turnaround Tuesday session with most nearby contracts 11 to 12 1/2 cents higher. Hopes of progress in this week’s US/China meeting in Beijing helped the market, along with a weaker dollar.

Meal futures were up $4.30/ton in the nearby contracts, with soy oil 9 points higher. Brazil’s estimated 18/19 soybean production is now at 115.34 MMT according to CONAB.

That was down 3.46 MMT from the prior projection and is 1.66 MMT below the current USDA forecast. They also trimmed projected exports in the 18/19 MY by 3.5 MMT to 71.5 MMT.