Indian soyabeans jump to five-month high

Indian Soya
Indian Soya

November 3rd, 2013

Indian soyabean futures rose almost 1 percent on Thursday to their highest in more than five months, bolstered by gains in overseas edible oil prices and good demand in local spot markets due to a festival. Soyaoil jumped to its highest in more than 13 months.

Malaysian palm oil futures matched an eight-month high from the previous session before tracking back to trade flat on Thursday, with traders consolidating recent gains against a backdrop of lower output expectations. The key December soyaoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.74 percent higher at 738.90 rupees per 10 kg, after hitting a high of 740 rupees, a level last seen in September 2012.

The key December soyabean contract rose 0.73 percent to 3,946 rupees per 100 kg, after rising to 3,955.5 rupees earlier, the highest level since June 20. Buying is advised at 3,930 rupees, for a target of 3,975, with a stop loss below 3,900 rupees, said Vamsi Krishna Kona, an analyst with Inditrade Derivatives and Commodities. The rapeseed contract for November was flat at 3,803 rupees per 100 kg. At the Indore spot market in Madhya Pradesh, soyabeans were up 44 rupees at 3,831 rupees per 100 kg, while soyaoil rose 0.50 rupee to 738.90 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged 1.55 rupees lower to 3,823.45 rupees. India’s soyabean production in 2013/14 is likely to drop by 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop. Courtesy Reuters

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