Futures contracts of all components of the edible oil basket inched up on the domestic exchanges.

The July soybean contract on National Commodity & Derivatives Exchange settled around 0.9% higher due to late monsoon rains in key growing regions.

Private weather agency Skymet advised farmers in Maharashtra and Rajasthan, the leading soybean growers, to delay sowing of kharif crops due to a weak monsoon current.

India received 4.1 mm rainfall 23% below the normal weighted average of 5.4 mm for the day. The cumulative rainfall since Jun 1 is at 29.9 mm, 42% lower than the normal weighted average of 52 mm for the period.

Soybean futures closed with 9 to 10 cent gains in the front months, supported by spillover from corn. Shorts covering was also supportive as planting delays are beginning to become more worrisome.

Soymeal was up $2.20/ton, with bean oil 46 points higher. The weekly Export Sales report from USDA showed old crop soybean bookings near trade estimates at 255,929 MT during the week of June 6.

Egypt bought 110,000 MT. New crop sales were on the high side of estimates at 275,163 MT. Chinese buyers have a total of 6.342 MMT of unshipped soybeans on the books, with a Reuters report showing that some are seeking to delay cargoes from July to August. Meal export sales totaled 153,967 MT this morning, with soy oil sales at 5,136 MT.