Futures contracts of all components of the edible oil basket rebounded on domestic exchanges.
The October soybean contract hit a 4-month high of 3,772 rupees per 100 kg on NCDEX in early trade and ended nearly 1% higher as harvesting has been delayed in top-grower Madhya Pradesh, said Sudha Acharya, senior research analyst at Edelweiss Agri Value Chain.
Heavy rain has not only delayed harvesting of the fresh crop, it also took a toll on the standing crop.
Soybeans futures closed Monday with 1 to 2 cent gains in the front months. Soybean meal were down $2.70/ton, with soy oil 85 points higher on tight NOPA stocks.
USDA reported a private export sale of 256,000 MT of soybeans to China for 2019/20 delivery, which was likely another part of the rumored sale from last week.
NASS reported the US soybean crop with 95% of the crop setting pods and 15% dropping leaves (38% avg) as of 9/15. Condition ratings slipped 1% to 44%, with the Brugler500 index down 5 points to 345.
USDA reported soybean export inspections of 666,490 MT in the week of 9/12. That was a drop of 31.85% from the previous week and 15.34% below this week last year.
The monthly NOPA crush report showed August crush among its members at 168.085 mbu, well above trade estimates. That was just 0.008 mbu below July and 5.79% above August 2018.
Soybean oil stocks were at 1.4 billion lbs at the end of August, the lowest since November 2017 and the smallest August stocks since 2014.