Indian soyabean futures fall on weak soyameal exports demand

April 13, 2013

Indian Soya
Indian Soya

Indian soyabean futures fell on Thursday after hitting their highest level in eight-and-a-half month as a drop in overseas prices and weak exports demand for soyameal prompted profit-taking. Rapeseed and soyaoil also fell tracking global cues and on an estimated rise in rapeseed production.

At 0813 GMT, the benchmark Malaysian palm oil contract was down 0.38 percent at 2,362 ringgit per tonne, while US soyabeans were down 0.38 percent at $13.87-1/2 per bushel. “Traders are booking profits. Soyameal exports demand was weak due to higher prices,” said Faiyaz Hudani, a senior research analyst at Kotak Commodity Services Ltd.

The key May soyabean contract on the National Commodity and Derivatives Exchange was down 2.02 percent at 4,016.50 rupees per 100 kg, after rising to 4,136 rupees earlier, the highest level since July 25, 2012. The key May soyaoil contract was 0.66 percent lower at 710.40 rupees per 10 kg, while the rapeseed contract for May fell 0.44 percent to 3,589 rupees per 100 kg. Source Reuters

Published: Zarai Media Team

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