Futures contracts of all components of the edible oil basket on domestic exchanges edged higher. Shaking off losses from the previous session, soybean contracts on National Commodity and Derivatives Exchange settled 0.6% higher, in line with gains in key contracts on Chicago Board of Trade.

Soybean inched up on the Chicago bourse on optimism over the meeting between the officials from Washington and Beijing next week, which may ease US-China trade tensions. The US is the world’s top grower of soybean while China is the world’s largest buyer.

Back home, poor monsoon rains in key growing areas also jacked up soybean prices. Refined soyoil futures on NCDEX and crude palm oil contracts on MCX traded higher due to a pick up in demand in the wholesale markets.

Soybean futures settle Thursday with 8 to 8 1/2 cent losses in the front months. August soybean meal was down $2.40/ton, with soy oil 3 points lower. August options will expire on Friday.

The weekly Export Sales report indicated that a net of 78,173 MT of soybean bookings were cancelled in the week of July 18. That mainly was due to a cancellation of 148,400 MT by Chinese buyers. New crop sales were tallied at 223,705 MT. Meal sales totaled 227,227 MT, with 12,726 MT for soy oil (mostly for 2019/20 shipment).

USDA released the MFP guidelines and payment rates this morning, with the range of payments from $15 to $150 per acre and the first of three payments in mid to late August.

None of the counties in the Corn Belt will receive more than $100/ac, with most ranging from $45 to $90. For more info on your county’s rate.