Aug 21 2009 3:09PM
MUMBAI, Aug 21 (Reuters) - Indian soybean futures erased early losses and rose on Friday afternoon, tracking recovery in Malaysian palm oil as well as soybean on Chicago board of Trade (CBOT), analysts said.
At 2:42 p.m., the October soybean contract on the National Commodity and Derivatives Exchange was up 0.34 percent at 2,230 rupees per 100 kg.
Soybean spot price in Indore, rose 0.93 percent to 21,800 rupees per tonne, which also supported futures, they added.
Concerns of a ban on oilmeal exports and rainfall in growing regions which provided relief to water-starved oilseeds crops limited gains.
Oilmeals like soymeal are derived from oilseeds crushing and are mainly exported as cattle and poultry feed.
Traders is wary of taking fresh positions in oilseeds as they expect government may ban exports of oilmeals, a senior official in the Solvent Extractors' Association of India, said.
Soybean producing regions received patchy rains in last three weeks of July, leading to concerns about yields. But improved monsoon activity in the last fortnight may reduce some damage, they said.
Indian farmers so far have planted soybean on 9.37 million hectares, compared with 9.13 million in the corresponding period last year, government data showed
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