February 23, 2010

India soy and soyoil rise on global cues, arrivals

India's soy and soyoil futures rose on Monday (Feb 22) on bargain buying driven by a recovery in overseas markets and thin arrivals at home, analyst said.

US soy futures firmed amid broad-based gains in the commodity and equity markets, but soy futures are likely to come under pressure on record supplies expected from South America this year.

Malaysia's palm oil futures rose as much as 1.6% to the highest intraday level in six weeks by midday on Monday, bolstered by rising crude oil and soy prices, traders said.

March soy contract NSBH0 on the National Commodity and Derivatives Exchange was up 0.77% at Rs2,101 per 100 kg, while March soyoil NSOH0 was 0.71% higher at Rs462.7 per 10 kg.

April rapeseed NRSJ0 was down 0.32% at Rs470.95 per 20kg.

"Millers have good amount of rapeseed stocks from last year's harvest. They are expecting further fall in prices in March when arrivals will rise significantly," Badruddin Khan, senior research analyst, Angel Commodities Broking, said.

India's January oilmeal exports slumped 32% from a year earlier, falling for the third straight month, due to weak demand from Vietnam, South Korea, Indonesia, Japan and Thailand, the Solvent Extractors' Association of India said on February 5.