April 9, 2009

Indian far-month soy futures rose to a 9-month high, while May soyoil futures rose to a 2-month high on Thursday (Apr 9) tailing overnight gains on Chicago Board of Trade (CBOT), analysts said.

Rapeseed futures were also up, tracking gains in soy and demand from traders and millers, who are now buying heavily in anticipation of a price rise, following mounting concerns of a global squeeze in supplies.

May soy on the National Commodity and Derivatives Exchange was up 1.83 percent at Rp2,590 per 100 kilogrammes, after making a new high of Rp2,595 earlier.

May soyoil NSOK9 was at Rp473.2 per 10 kilogrammes, up 0.99 percent, while the most active June rapeseed futures were up 1.04 percent at Rp494 per 20 kilogrammes.

July soy futures on CBOT rose to breach the US$10 a bushel mark late on Wednesday (Apr 8). The contract was up 0.9 percent at US$10.10-1/2 a bushel during electronic trade on Thursday (Apr 9).

Analysts said that however, the upside in domestic market may be limited on profit-taking after overall gains in April.

US$1 = Rp50.026 (Apr 9)