India Edible Oil:Soybean at 5-yr high tracking CPO on Bursa Malaysia

Futures contracts of all components of the edible oil basket, barring mustard, rose on domestic exchanges.

On NCDEX, the January contract of soybean hit a fresh five-year high of 4,438 rupees per 100 kg intraday and ended higher tracking strength in key contracts of crude palm oil on Bursa Malaysia Derivatives.

Prices of crude palm oil and soyoil typically move in tandem as they are used as substitutes in edible oil blending.

Soybeans continue to rally with nearby bean contracts gaining 2 1/2 to 3 cents on Tuesday. The January contract hit a 6-week high on the shortened session.

Soybean meal futures were up $0.50/ton at the close, and soy oil futures finished with a 9 point gain.

The Soybean basis for Christmas Eve was between -$0.49 1/2 according to cmdtyView, which was the first time since September 6th of 2016 that the basis was stronger than -50 cents.

Last year on this date that national basis level was at -$0.82 1/4. Export Sales data for the week ending 12/19 will be released on Friday morning.