NCDEX soybean gains on lower acreage

Futures contracts in the edible oil basket traded higher on domestic exchanges. Soybean futures on NCDEX ended up, bolstered by a decline in acreage under the crop in the country. Soybean fell on the US exchange due to forecast of beneficial rains in the US. Dry weather conditions earlier posed threat to the standing soybean crop in the country, and rains may boost yield. Soyoil prices rose due to the ongoing strike at ports in Argentina.