Futures contracts of soybean rose on NCDEX due to firm demand for de-oiled cake from the poultry-feed sector. De-oiled cake is a derivative of soybean seed. The most-active January contract was 0.7% higher at 4,228 rupees per 100 kg.

Lower arrivals in spot markets also supported the prices on NCDEX. Arrivals in Indore, the benchmark market, were pegged steady at 1,000-1,500 bags (1 bag = 100 kg). However, the arrivals declined almost one-third over the past week as stocks with the farmers are almost exhausted.

Strength in the edible oil basket also boosted prices on NCDEX. The January contract is likely to trade at 4,131-4,259 rupees per 100 kg during the day.

Nearby soybean futures were up by 3 1/4 to 4 1/2 cents after Thursday action. Soymeal futures lost 40 cents/ton, while soy oil futures were up 65 points. The White House economic advisors met today to discuss phase 1 and the scheduled Dec 15th tariff hikes; at the meeting conclusion they announced both sides had agreed to a phase one deal, awaiting presidential sign offs.

Market reaction was muted because this is the point where previous agreements went off the rails. Weekly USDA Export Sales data showed soybean bookings for the week ending 12/05 at the top end of trader estimates, with 1.05 MMT of current year sales. Total sales (including next MY) were 1.175 MMT. That was a 71.9% increase over last week, and a 59.1% increase over the same week last year for total net sales. Weekly shipments through the same week were at 1.443 MMT, a 4% decrease from last week and a 32.4% increase yr/yr.

China was the destination for 62.19% of those shipments. Accumulated shipments since September 1 are 17.431 MMT. The trade was anticipating the weekly update to show 125-300k MT for soybean meal and the USDA report showed 257,668 MT of total meal bookings. As for bean oil, Bookings were just above the expected 8k-30k MT, with the report indicating 30,227 MT of sales through the week ending 12/5.