MUMBAI | Thu Jan 13, 2011 12:36pm IST
Jan 13 (Reuters) - Indian soybean futures rose on Thursday afternoon, buoyed by an overnight rally in the U.S market, while soyoil edged higher tracking Malaysian palm, analysts said.
Rapeseed futures erased early gains as expectations of a rise in output hit sentiment, they said.
"Higher production estimate is not allowing rapeseed to rise, but short-term outlook for soybean and soyoil is positive. Still there is scope for upside," said Ankita Parekh, analyst at Geojit Comtrade.
At 12:24 p.m., Malaysian palm oil futures KPOc3 were up 1.32 percent at 3,698 ringgits per tonne, while the U.S. soy futures Sc2 were down 0.04 percent at $14.14-½ per bushel, after rising 4.3 percent in the previous session.
The USDA, in its monthly report, reduced its estimate for last fall's U.S. corn and soybean harvests, trimmed its corn and soy output forecast for drought-hit Argentina, and cut its wheat production view for flood-hit Australia. [ID:nN12190436]
At 12:24 p.m., February soybean NSBG1 on India's National Commodity and Derivatives Exchange (NCDEX) was up 1.08 percent to 2,436 rupees per 100 kg, after rising to 2,462 rupees in morning trades.
The contract may test resistance at 2,474 rupees, Parekh said.
India's oilmeal export jumped 94 percent in December from a year earlier, its sixth straight monthly rise, on robust demand from traditional buyers in Japan, Vietnam and Indonesia, data from a leading trade body showed. [ID:nSGE70604W]
February soyoil NSOG1 was up 0.27 percent at 640.7 rupees per 10 kg, while January rapeseed NRSF1 dropped 0.42 percent to 545.5 rupees per 20 kg.
Rapeseed area in top producing Rajasthan state went up 24 percent to 2.75 million hectares, while the current weather conditions have boosted yield prospects for the country's main winter oilseed crop
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