May 4, 2009
India soy futures up 3.2 percent on global gains
India's National Commodities & Derivatives Exchange (NCDEX) May soy contract was up 3.2 percent at Rp2,812.50 (US$56.646) per 100 kilogrammes due to firm fundamentals in overseas markets.
"There has been a further lowering of Argentina's soy crop estimate. This has led to hopes of a rise in export demand for Indian soymeal," says Badruddin Khan of Angel Commodities, adding that some gains could be erased due to profit-taking, while tips contract in Rp2,780-Rp2,830 per 100 kilogrammes range.
US$1 = Rp49.65 (May 4)
