Indian soyabeans hit contract high

April 04, 2013

Indian Soyabeans
Indian Soyabeans

Indian soyabeans rose more than 2 percent on Wednesday, extending gains to hit their contract high as domestic supplies got exhausted due to seasonality, and soyaoil and rapeseed also edged higher. At 0831 GMT, the most-active soyabean for May delivery on the National Commodity Derivatives Exchange (NCDEX) was 2.04 percent higher at 3,777.50 rupees per 10 grams after hitting a contract high of 3,751 rupees.

Next lot of soyabean supplies are expected to hit the market in September/October, traders said. Soyaoil for May delivery on the NCDEX was 0.64 percent higher at 692.80 rupees per 10 kgs, while rapeseed for May was 0.63 percent higher at 3,523 rupees per 100 kg. Buying is advised in rapeseed at 3,500-3,510 rupees, with a target of 3,570-3,640, with a stop loss below 3,430 rupees, said Aurobinda Prasad, head of research, Karvy Comtrade.

At the Indore spot market in Madhya Pradesh, soyaoil rose 8.70 rupees to 703.50 rupees per 10 kg, while soyabeans rose 67 rupees to 3,823 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 26.95 rupees to 3,462.90 rupees. India’s edible oil imports in February jumped 9.25 percent on year to 954,176 tonnes, a leading industry body said. India meets more than half of its edible oil requirement through imports, which largely constitute palm oil. Source Reuters


Published: Zarai Media Team

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