April 29, 2010

Indian soy futures continue to increase since Monday (Apr 26), tracking a positive US market and on hopes of an improvement in soymeal exports in the coming weeks, analysts said.

Soyoil futures edged higher tracking gains in Malaysian palm oil, but rapeseed eased on higher arrivals in physical market, they said.

The disparity between soymeal export price quoted by Indian exporters and their competitors has been reduced and that may help the meal exports in coming weeks, an analyst said.

India's March oilmeal exports slumped 34% from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.

US soy futures SK0 were trading 0.93% higher on Monday (Apr 26) evening, while Malaysian palm oil futures KPOc3 rose to a two-week high, tracking stronger soyoil and crude oil markets.

The May soy contract NSBK0 on the National Commodity and Derivatives Exchange ended up 1% at INR2,032 per 100 kilogrammes, while May soyoil contract NSOK0 finished 0.21% higher at INR454.45 per 10 kilogrammes.

In the Indore spot market in top producer Madhya Pradesh, soy price rose by INR14 to INR2,000, and soyoil edged higher by INR0.75 to INR448.05.

The May rapeseed contract NRSK0 closed 0.23% lower at INR 507.65 per 20 kilogrammes.

In the Jaipur spot market in top producing Rajasthan state, the price nudged down to INR499.10 per 20 kilogrammes.