May 12, 2008

India soy futures likely to go up as demand surges

Indian soy and rapeseed futures are expected to move up due to a strong overseas market and rise in oilmeal exports, analysts said.

The CBOT soy market closed firm on Thursday amid spillover buying in corn and concerns about stalled soy movement in Argentina.

May soy oil closed 0.44 cent per pound, higher at 59.08 cents.

India's oilmeal exports in April hiked more than 46 percent on-year to 637,500 tonnes due to robust demand from Vietnam and South Korea, a leading trade body said Tuesday.

Soy June futures on Thursday in the National Commodity and Derivatives Exchange (NCDEX) ended up 1.95 percent to INR2,275 (US$54.59) per 100 kilogramme.

Rapeseed July futures jumped 2.46 percent to INR581.65 (US$13.96) per 20 kg.