Wed Sep 30, 2009 11:19am IST
MUMBAI, Sept 30 (Reuters) - Indian soybean futures erased early losses and edged up on Wednesday morning on expectations the demand for soymeal, the main by-product derived from soybean crushing, may rise in the coming weeks, analysts said.
At 11:16 a.m., the November soybean contract NSBX9 on the National Commodity and Derivatives Exchange was up 0.69 percent at 2,034.5 rupees per 100 kg.
The November soyoil contract NSOX9 on the National Commodity and Derivatives Exchange edged up 0.24 percent to 434.7 rupees per 10 kg.
Traders and crushers expect large-scale soymeal orders from south east Asian markets and also look to tap newer markets in European Union for supplies between November to February.
"There is demand from the traditional markets. We should be able strike more export deals in weeks to come," Davish Jain, head of the Central Organisation for Oils Industry and Trade, had said on Sunday in an industry conference.
However, pick up in arrival of early sown oilseed weighed, traders said.
A bigger Indian soybean crop is also putting pressure on the futures. Soybean crop in the year to Sept. 2010 is expected to be about 9 million tonnes, higher than the estimated crop of 8.5 million tonnes this year, traders and crushers, said.
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