April 20, 2009
Indian soy, soyoil futures rise on expected tight supplies
India soy and soyoil futures rose to new highs on Monday (Apr 20) on expectations of a supply squeeze but profit-taking after sharp gains in April weighed on the markets, analysts said.
May soy contract on the National Commodity and Derivatives Exchange rose 0.53 percent to Rp2,747 per 100 kilogrammes. The contract had earlier touched a new high at Rp2,770.
May soyoil contract was at Rp510 per 10 kilogrammes, up 0.25 percent, after hitting a new high at Rp513.
Rapeseed futures fell after hitting new highs on profit-taking after gains in April. The most active June rapeseed contract fell 0.6 percent to Rp537.55 per 20 kilogrammes.
June rapeseed contract had touched a new high at Rp542.9 immediately after opening.
However, profit-taking may weigh on the markets. May soyoil contract has risen nearly 15 percent this month, while May soy contract has risen more than 17 percent in April.
US$1 = Rp50.05 (Apr 20)
