Futures contracts of all components of the edible oil basket, barring soybean, rose on domestic exchanges. The soybean contract on the National Commodity and Derivatives Exchange closed a tad lower on tepid oilmeal exports.

India’s oilmeal, including soymeal, exports slumped 39% on year to 105,232 tn in September due to weak demand from major buyers, according to data released by The Solvent Extractors’ Association of India.

The fall in soybean was limited due to gains in key contracts on Chicago Board of Trade. Prices rose on the American exchange with growing demand from China for US soybean. The US is the top producer and China the largest consumer of the commodity. Chinese buyers had booked up to 600,000 tn soybean from November to January as part of a tariff-free quota awarded to some importers.

Refined soyoil on NCDEX and crude palm oil on the Multi Commodity Exchange of India also edged higher due to improved demand at lower-price level. Gains in global markets also supported the prices.

Soybeans futures saw 5 to 6 1/2 cent gains in the front months, with Nov showing the highest trade since July 19th. Soybean meal was up $4.90/ton, with soy oil 24 points lower.

Roughly 21% of the US planted soybean acreage for 2019 is in the Dakotas and MN, with some areas expected to see 8-16 inches of snow. Any crop losses will likely be reflected in the November Crop Production report.

Ahead of Thursday’s WASDE report traders are expecting a slight yield (0.6 bpa) reduction from USDA’s September projection to 47.3 bpa. Production estimates are seen dropping 50 mbu from last month to 3.583 bbu.