Indian soya futures up on crushers’ demand
November 20, 2012
Indian soyaoil and soyabean futures rose on Monday, tracking Malaysian palm oil futures, while demand from edible oil crushers’ kept spots higher, traders and analysts said. Malaysian palm oil futures touched 2,479 ringgit ($810) per tonne on Monday, the highest since November 5, tracking climbs in soyabeans and rival soyaoil.
US soyabeans were up 0.9 percent at $13.96 per bushel at 1015 GMT. Rapeseed futures did not reflect the sentiment of soya complex as they traded down on profit-taking, but the spot was up on depleting stocks. “Soya futures have been supported by domestic oil crushers’ demand for soyabeans as the peak crushing season has started after Diwali,” said Prasoon Mathur, senior analyst with Religare Commodities.
He said demand from crushers would keep prices high until the end of this month. The December soyabean contract on India’s National Commodity and Derivatives Exchange was up 0.9 percent at 3,284 rupees per 100 kg. The December soyaoil contract was up 0.5 percent at 696.5 rupees per 10 kg, while the December rapeseed contract was 0.5 percent down at 4,275 rupees per 100 kg.
At the Indore spot market in Madhya Pradesh, soyaoil edged up 5.2 rupees to 714 rupees per 10 kg, while soyabeans rose 13 rupees to 3,289 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 13 rupees to 3,289 rupees.