US soy futures steady on lack of trader interest

August soy futures surged higher due to firm soy futures at CBOT on account of deterioration of US soy crop in the crop progress report due to adverse weather, earlier released by USDA.

CBOT August soy futures ended higher at US$9.93 per bushel on Friday (July 9), up 10 cents per bushel as compared to previous close.

CBOT August soymeal futures ended higher at US$300.90 per tonne on Friday, up US$3.30 per tonne as compared to previous close.

Spread between NCDEX July and August contract is Rs+20.00 against previous day of Rs+16.00 per 100 kg.

In the short term perspective, soy prices are expected to trade higher due to firm overseas market on account of USDA's announcement of soy export order of 116,000 tonnes to China on Friday for the delivery in 2010-11 crop year.

However, monsoon rain in major producing states helped in the sowing acreage and better carry over stock this year as compared to last year may cap higher prices in medium term.