Thu Nov 19, 2009 12:00pm IST
MUMBAI, Nov 19 (Reuters) - India's soybean futures rose for a fourth straight day on Thursday morning to hit new contract highs as arrivals in physical market remained weak amid an improvement in demand from stockists, analysts said.
Despite being the peak season, arrivals were not picking up due to unseasonal rains in central India, the main growing region, and as farmers were not bringing entire produce in the market anticipating a further rise in prices, traders said.
At 11:57 a.m., the December soybean NSBZ9 on the National Commodity and Derivatives Exchange was up 0.65 percent at 2,399 rupees per 100 kg, after hitting a contract high of 2,412.5 rupees.
The Central Organisation for Oil Industry and Trade said India's output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soybean production.
U.S. soybeans rose on Thursday as rains in the U.S. Midwest grains belt delayed the final phase of the soy harvest, while corn was little changed.
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