India Edible Oil: Most up; soybean settles higher on firm CBOT cues

Futures contracts of all components of the edible oil basket, barring crude palm oil, rebounded on domestic exchanges.

After hitting seven-week low of 3,587 rupees per 100 kg in previous session, the July soybean contract on the National Commodity & Derivatives Exchange settled 1% higher in line with strength in key contracts on Chicago Board of Trade.

Soybean contract on the American bourse rose due to the disappointing crop condition and weak sowings in the US, the top grower.

Soybean futures closed 5 to 8 cents lower in most contracts.

Soybean meal was down $1.90/ton, with soy oil 35 points lower. The 7-day QPF shows drier weather across most growing regions, allowing for planting to pick up later this week.

Most of the ECB is lagging, with IL 79% planted, IN @ 75%, OH 65% complete and MO at just 66% planted.

Initial condition ratings showed all of the 18 reported states other than NC and LA below the same week in 2018.

Per wire surveys, US acreage for 2019 is expected to be around 84.68 million acres in this Friday’s report.

Chinese imports of soybeans were down 24% in May from the same month last year at 7.36 MMT, with 977,024 MT from US.