Futures contracts of all components of the edible oil basket traded higher on the domestic exchanges. Paring losses from the previous session, the September contract of soybean on the National Commodity and Derivatives Exchange rose in line with gains in key contracts on the Chicago Board of Trade.

Prices on the American bourse rose due to declining US crop ratings and uncertain yield prospects. US is the world’s top grower of the oilseed. According to the US Department of Agriculture, 53% of the soybean crop in the US was in good-to-excellent condition this week compared with 54% a week earlier and 65% a year ago.

Back home, improved sowing and supportive weather limited any sharp gains in soybean on the NCDEX. Refined soyoil on NCDEX and crude palm oil on the MCX also traded higher due to pick up in demand ahead of a slew of festivals.

Soybeans futures settled the session 4 3/4 to 5 cents higher in the nearby contracts. Meal futures were up $.70/ton and soy oil 31 points higher. The 8-14 day outlook shows chances for below normal temperatures as we head into September.

Ahead of Thursday’s Export Sales report, analysts are expecting a net reduction of 200,000 up to net sales of 100,000 MT of old crop soybeans in the week of 8/15. New crop bookings are seen at 350,000-700,000 MT. Soy meal sales are seen at 100,000-350,000 MT, with soybean oil at 5,000-25,000 MT.

The ProFarmer Midwest Crop Tour was in Illinois today and individual car reports showed 12-46 % reduction in pod counts from last year.