March 30, 2010
Indian soy futures edge up on global cues
Indian soy futures showed a tad rise on Monday afternoon (Mar 29) following a marginal improvement in spot demand and firmness in the US market, analysts reported.
Soyoil futures were down due to weakness in Malaysian palm oil while rapeseed futures were trading lower on growing arrivals in physical market.
"US market is supporting soy albeit with limited upside. Meal exports are still weak," said an analyst at Mumbai-based commodity brokerage.
US soy futures rose 0.5% on Monday, increasing for a second straight session, while the wheat market bounced from a five-month low as a weakening dollar supported the grain markets. In the spot market in Indore, Madhya Pradesh, soy prices nudged INR6 (US$0.13) higher to INR2,023 (US$45.18).
The May soy contract NSBK0 on the National Commodity and Derivatives Exchange was up 0.25% at INR2,019 (US$45.09) per 100 kilogramme, while the April soyoil NSOJ0 was down 0.49% at INR452.5 (US$10.11) per 10 kg.
The April rapeseed contract NRSJ0 fell 0.97% to INR503.6 (US$11.25) per 20 kg.
India's February oilmeal exports slumped 26% from a year earlier, falling for the fourth straight month on weak demand from Vietnam, China, Indonesia and Japan, analysts said.
India's rapeseed production this year is expected to rise slightly to 6.3 million tonnes on good weather conditions, higher than initial industry estimates, according to a leading trade body.
