India Soybean up 1%, shakes off losses from last session

Futures contracts of items in the edible oil basket, barring mustard, rose on domestic exchanges due to firm demand in spot markets. Soybean closed nearly 1% higher on the National Commodity and Derivatives Exchange, shrugging off losses from previous session, owing to recovery in demand from crushing plants and a surge in exports of soymeal. Bargain buying after prices fell over 3% in the last two trading sessions pushed the prices higher. The decline in prices was due to a rise in arrivals in the spot markets. India’s soymeal exports during October were at 47,219 metric tonne, up 50% on year, data from Solvent Extractors.