Soybean prices in Indore rose due to a pick-up in demand and a decline in arrivals. In Indore, the oilseed was sold at 3,880 rupees per 100 kg, up 15-20 rupees from previous day.

Arrivals in Madhya Pradesh were pegged at 40,000 bags (1 bag = 100 kg), compared with 45,000 bags on previous day. Tracking spot cues, soybean futures on NCDEX also rose.

The most active July contract was last at 3,629 rupees per 100 kg, up 0.9% from the previous close.

Soybean futures saw 12 to 12 1/4 cent gains in the front months. Soymeal was up $6.10/ton, with bean oil 22 points higher.

Forecasts for rains are threatening to slow an already delayed planting season. A private export sale of 189,000 MT of soybeans were reported to unknown destinations by the USDA this morning.

The sale was spilt between 18/19 (126,000 MT) and 19/20 (63,000 MT). This morning’s Export Sales report showed old crop soybean bookings above the top end of estimates at 571,512 MT. That was an 8-week high and more than double the same week last year.

New crop sales totaled 200,027 MT in the week of June 13. Old crop soybeans export commitments now lag last year by 15.7%. Meal sales were tallied at 147,328 MT, with soy oil sales at 4,435 MT.