Indian soyabean futures edge lower
December 05, 2012
Indian soyabean futures edged lower on Tuesday after gaining more than 2 percent in the previous session while rapeseed futures fell to their lowest level in a week, weighed by expectations of higher arrivals in the coming days. However, soyaoil futures were slightly up.
The actively traded soyabean for January delivery on the National Commodity and Derivatives Exchange (NCDEX) was 0.24 percent lower at 3,170 rupees per 100 kg at 0816 GMT, after gaining as much as 2.84 percent on Monday. “Soyabean should come down more on higher arrivals,” said an analyst with JRG Wealth Management in Hyderabad, adding selling is advised at 3,170 rupees, for a target of 3,130 rupees, and a stop loss at 3,195 rupees.
Indian farmers have cultivated rapeseed on 5.22 million hectares as on November 23, compared with 5.07 million hectares during the same time last year, farm ministry data showed. India’s soyabean production in 2012/13 is expected to rise 8.8 percent on year to 12.67 million tonnes, while rapeseed output is likely to grow nearly 25 percent to 6.5 million tonnes, industry officials said.