December 30, 2008

India's soy futures rise on higher spot demand

India's soy futures were up on Monday (Dec 29) morning on firm spot demand as traders and crushers try and buy up the available crop even as stockists and farmers keep arrivals slow, analysts said.

Analysts said the recent sharp rise in prices which triggered the increased buying, may also lead to profit-taking later in the day.

Higher prices may also prompt some farmers to sell their produce raising supplies in the open market, limiting gains.

Soy February 2009 futures on the National Commodity and Derivatives Exchange were up 0.82 percent at Rs1,911.50 (US$39.44) per 100 kilogramme after reaching Rs1,926 (US$39.74), highest in close to three months.