Indian soya futures ease from two-week high

July 14, 2013

Indian soya
Indian soya

Indian soya futures eased from their highest level in two weeks on Friday on higher area under cultivation. soyaoil and rapeseed also edged lower. At 0741 GMT, the key October soyabean contract on the National Commodity and Derivatives Exchange (NCDEX) was down 0.42 percent at 3,199 rupees per 100 kg, easing from the previous day’s high of 3,235 rupees, a level last seen on June 29. Indian soya

“Fundamentally, soyabean is weak as acreage has increased by four times,” said Chowda Reddy, a senior analyst with Inditrade Derivatives & Commodities. Indian farmers have cultivated soyabeans on 8.32 million hectares as of July 4, compared with 1.90 million hectares a year earlier, farm ministry data showed.

The key August soyaoil contract nudged 0.49 percent lower to 680.60 rupees per 10 kg. The rapeseed contract for August fell 0.68 percent to 3,482 rupees per 100 kg due to higher stocks in the spot market. Selling is advised at 3,480 rupees, for a target of 3,440 rupees and stop loss of 3,505, said Reddy. Courtesy Reuters

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