Prices of soybean rose in Indore due to firm demand from crushing plants and exporters despite a marginal rise in arrivals. Exporters expect overseas demand for soymeal to rise. In Indore, soybean was sold for 3,750-3,800 rupees per 100 kg, about 10-20 rupees higher from previous day.

Arrivals in Madhya Pradesh, the largest producer, were pegged at 90,000-92,000 bags (1 bag = 100 kg), compared with 85,000 bags the previous day. On NCDEX, too, futures contracts of soybean edged up tracking firm spot cues. The most active March soybean contract on the domestic exchange was at 3,794 rupees per 100 kg, up 0.3% from the previous close.

Soybean futures ended with most contracts 5-6 cents off their lows, but still down 6 to 7 cents on the day. Meal futures were down $1.10/ton in the nearby contract, with soy oil 2 points lower.

This morning’s USDA Export Inspections report saw exports in the week of February 14 at 1.031 MMT. That was down 3.37% from the week prior but 7.20% above the same time last year. This is the first week this MY that was larger than the same week last year, with shipments still lagging by 490 mbu.

Exports to China were reported at 404,420 MT. Brazil’s soybean harvest was estimated at 36% complete vs. the 19% average. Brazil’s soybean crop is seen at 114.6 MMT according to a Reuters poll, below the USDA’s 117 MT.