NCDEX soybean at over 5-year low on low meal demand.

The most active June soybean contract on NCDEX touched an over five-year low due to low demand for soymeal and high stocks of the oilseed. The contract is down 2.2%. Of late, both domestic and export demand for soymeal have slowed. In April, exports of the meal were at 111,800 tonne down from about 150,000-240,000 tonne a month during Dec-Mar. High stocks of the oilseed with farmers also weighed on prices. Soybean stocks with farmers are at 4.6 million tonne at the end of April, more than double the stock a year ago.