Futures contracts of soybean on NCDEX were marginally up tracking the key soybean contract on CBOT.

The most-active December delivery soybean contract on the NCDEX was trading at 3,950 rupees per 100 kg, 6 rupees higher from the previous close. On CBOT, the key contract was 0.3% higher at $9.25 per bushel.

In the benchmark market of Indore, soybean was sold at 3,950-4,000 rupees per 100 kg, largely unchanged. Arrivals were also unchanged at nearly 4,500 bags (1 bag = 100 kg).

Weak soymeal exports from India also kept soybean prices in spot markets steady. The Solvent Extractors’ Association of India has pegged India’s soymeal exports in October at 24,740 tn, down 83.5% on year.

However, demand for edible oil in domestic markets ahead of the marriage season is likely to support soybean prices.

Soybean futures found support helping to bounce the front months upwards by 1 1/4 to 2 cents higher. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday.

The national average soybean basis is -0.6265 per cmdtyView, bringing the monthly average to -0.6638 so far. The trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292.

Last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).