Soybean prices in key physical market Indore fell as demand from crushing units and exporters remained weak amid higher arrivals.

In Indore, soybean was sold at 3,725-3,800 rupees per 100 kg, down 20-25 rupees from previous day, while arrivals in Madhya Pradesh, the largest grower, were pegged at 90,000 bags (1 bag = 100 kg) compared with 80,000 bags the previous day.

The March contract of soybean settled nearly 1% lower on the National Commodity and Derivatives Exchange due to tepid demand from crushing plants amid higher arrivals.

 

Soybean futures managed to extract 3 to 4 cent gains in most contracts on Friday, on positive NOPA data. Meal futures were up $1/ton in the nearby contract, with soy oil 6 points higher.

NOPA report indicated a record January crush by its members at 171.63 mbu. That was slightly lower than December but 5.22% larger than a year ago.

Soy oil stocks were up month/month, but down 10.3% from last year at 1.549 billion pounds. Brazil’s SAFRAS soybean production estimate was trimmed by 0.3 MMT to 115.4 MMT on Friday.

That is not as low as some firms have gone, as they cited a slight improvement to weather.