India soy, soyoil futures rise on firm global cues

Indian soy and soyoil futures rose on Monday (Aug 24) tracking gains in Malaysian palm oil and rise in soy on Chicago Board of Trade (CBOT), analysts said.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange was up 0.92 percent at Rs2,299 per 100 kg, while October soyoil futures was up 0.6 percent at Rs482.7 per 10 kg.

Lower rainfall in August, which may affect oilseed crops in the growing region, also supported prices.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,390 ringgit a tonne, up 1.92 percent. The November soy SX9 on CBOT was up over 2.06 percent at US$9.93 a bushel during electronic trade.

Palm oil and soy are related commodities and their prices often move in tandem.

US$1 = Rs48.525 (Aug 24)