Soybean prices in Indore fell marginally as demand from crushing plants remained weak. Any sharp decline in prices, however, was restricted, as arrivals remained low. In Indore, the oilseed was sold at 3,750-3,810 rupees per 100 kg, down 10-15 rupees from previous day.

Arrivals in Madhya Pradesh, the largest grower, were pegged at 80,000-82,000 bags (1 bag = 100 kg), compared with 85,000 bags on the previous day. Soybean futures on NCDEX were largely unchanged on anticipation of a rise in meal exports. The most active March soybean contract was up 2 rupees at 3,752 rupees per 100 kg.

Soybean futures posted losses of 10 to 13 cents on the day, with a disappointing Export Sales report this morning. Meal futures were down $4.60/ton in the nearby contract, with soy oil 10 points lower.

The Export Sales report indicated net reductions of 612,014 MT during the week of January 3. That was mainly due to net cancellations of 807,000 MT for China, with 444,000 MT in additional cancellations for unknown. Most unknown’s reductions were switched to a destination. The November 2019 contract’s average close in the first 13 days of February is $9.56 3/4.

The full month average will be used to calculate the Spring Crop Insurance pricing for this year’s crop, compared to $10.16 last Spring. US acreage estimates from Informa were trimmed by 160,000 acres to 86.044 million.

The Rosario Gran Exchange raised their 18/19 Argentine soybean output estimate by 2 MT to 52 MT.