Indian soy futures rise more than 3 percent; rapeseed on new high

Indian soy and soyoil futures rose more than 3 percent in early trade on bullish Malaysian palm, a possible global supply squeeze and hopes China oilseed planting and output in 2009-10 may fall, analysts said.

Rapeseed futures rose to new highs in early trade as demand from millers and traders is expected to be firm.

May soy on the National Commodity and Derivatives Exchange (NCDEX) was up 2.86 percent at Rp2,661 per 100 kilogrammes.

The contract had crossed the 3 percent initial upper circuit immediately after opening.

May soyoil contract NSOK9 was at Rp496 per 10 kilogrammes, up 3 percent, while the most active June rapeseed contract was up 2.41 percent at Rp523.8 per 20 kilogrammes. The contract had earlier hit a new high of 524.7.

According to a report issued by a US Department of Agriculture attache in Beijing, China's total oilseed production may decrease slightly, to 56.9 million tonnes in 2009-10, due to reduced soy planted area.