February 11, 2008

Indian soy prices surge on firm CBOT trend

India's domestic soy prices were higher on tight supplies in the physical markets and firm trend in CBOT, amidst cold wave in the northern parts.

Solvent Extractors' Association of India also showed an increase in the country's soymeal exports.  

According to the association's data, the first four months of current oil year which started October 2007, showed soymeal exports from India to grow by 13.89 percent over the same period the previous year.

Traders are anticipating for today's USDA report, which will show both a supply and demand report and world crop production outlook.

Overnight in CBOT, March soy ended 13 cents higher at US$13.31 1/2 a bushel, July soy finished 10 1/2 cents higher at US$13.62 1/4, and November soy ended 1 1/2 cents stronger at US$12.81.

National Commodities and Derivatives Exchange (NCDEX), India's largest and most recognized commodities exchange, reported soy March contract opened at INR2149, varied in the range of INR2185 and INR2149 and was trading at INR2185 per quintal, up by INR41 or 1.91 percent.

INR1 = US$0.025 as of February 11, 2008