February 23, 2009
Indian soy futures recover on Argentine protests
India soy futures recovered from early losses on Friday (Feb 20) on spot buying triggered by a strike by farmers in Argentina leading to a halt in grain sales in the South American country, analysts and a trader said.
Farm leaders said the four day strike by Argentine farmers beginning Friday is to protest against a tax on soy exports and other government agricultural policies.
Soy March contract NSBH9 on the National Commodity and Derivatives Exchange was up 0.81 percent at Rp2,243 per 100 kilogrammes.
Prices in the spot market in Indore, a hub for soy trade in India rose 1.87 percent to Rp21,800 per tonne.
However, rapeseed futures were down as arrivals in the spot market in Rajasthan, the largest producer, rose sharply to cross 115,000 bags of 85 kilogrammes each from about 10,000 bags to 15,000 bags in the same period a year ago.
May rapeseed NRSK9 fell 0.58 percent to Rp439.29 per 20 kilogrammes.
