Futures contracts of soybean fell on domestic exchanges, while those of refined soyoil, crude palm oil and mustard rose. Futures contracts of soybean on the National Commodity and Derivatives Exchange closed 0.3% lower due to higher arrivals in spot markets. Prices of soybean in Indore fell as arrivals nearly doubled. Arrivals in Madhya Pradesh, the largest grower, were pegged at 200,000 bags (1 bag = 100 kg), compared with 110,000 bags on previous day, Weakness in key soybean contracts on the Chicago Board of Trade also weighed on the domestic exchange. Soybean fell on CBOT due to waning demand at higher price level. Soybean futures on the US exchange had hit near two-week high on the prospect of declining yields in Brazil, the world’s second largest grower, due to scanty rains.

Futures contracts of refined soyoil on NCDEX and crude palm oil on the MCX traded higher due to lower-than-required stocks in spot markets. In Indore, the oilseed was sold at 3,350-3,375 rupees per 100 kg, down 25 rupees from previous day. Tracking the weakness in prices at spot markets, the most-active January soybean contract on NCDEX was down 0.7% at 3,442 rupees per 100 kg.

China is back in the market for U.S. soybeans after taking a holiday break as Washington and Beijing plan more trade discussions.