June 5, 2009
Indian soy, soyoil futures up amid monsoon rains
Indian soy and soyoil futures rose on Friday (June 5) tracking overnight gains on Chicago Board of Trade (CBOT) and firm Malaysian palm oil, but expectations of further progress of monsoon weighed, analysts said.
The July soy contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0.38 percent at Rs2,640 per 100 kilogrammes, while July soyoil was at Rs494.6 per 10 kilogrammes, up 0.25 percent.
US corn, soy, and wheat futures rose sharply on Thursday (June 4), rebounding from a steep downturn earlier in the week, amid bullish outside markets such as crude oil, traders said.
Advancement of monsoon and expectation of higher soy acreage weighed on the markets.
Indian monsoon rains, crucial for soy planting, may further advance to new areas in next 48 hours, the weather department said on Friday (June 5) morning.
US$1 = Rs47.039 (June 5)
