environment files and indenting

[Sanjoy Mahajan <sanjoy@mrao.cam.ac.uk>]

Not sure what I'm doing wrong here, but this is the minimal example I
could make.  The environment file ne.tex contains

\startenvironment ne
\setupindenting[medium,yes]
\stopenvironment

And the test file is

\environment ne
\starttext
\placeformula\startformula
x = 10
\stopformula
\stoptext

texexec'ing test.tex says:

Overfull \hbox (17.62474pt too wide) in paragraph at lines 4--4
[][] 

But if I inline the environment file, to get

\startenvironment ne
\setupindenting[medium,yes]
\stopenvironment
\starttext
\placeformula\startformula
x = 10
\stopformula
\stoptext

then texexec doesn't produce any overfull \hbox.

My guess is that the 17.6247pt overage is the amount of medium
indenting, and somehow the display math mode is getting confused and
trying to indent itself?

-Sanjoy