MARKET DEVELOPMENT
Indian Soy Futures up on Fresh Buying Support
Indian Soy Futures up on Fresh Buying Support
18/12/2013 (Reuters) - Indian soy futures were up on Tuesday afternoon on fresh buying, tracking overseas markets, while rapeseed fell on prospects of higher output due to greater coverage of the oilseed crop.
* "The soy complex attracted buying support after going through a phase of correction," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities.
* At 0845 GMT, the key January soybean contract was up 0.7 percent at 3,777 rupees ($61.00) per 100 kg on the National Commodity and Derivatives Exchange.
* Soyoil reflected the sentiment in soybean and traded higher, taking cues from rival palm oil.
* Malaysian palm oil futures edged higher as weakness in the local currency stoked demand from overseas buyers, while heavy rains raised worries of floods in palm-growing areas that could curb supply of the tropical oil.
* The key January soyoil contract was up 0.5 percent at 694 rupees per 10 kg.
* A higher area under cultivation kept rapeseed futures down as output prospects appeared bright.
* The rapeseed contract for January was down 0.6 percent at 3,644 rupees per 100 kg.
* Indian farmers had sowed rapeseed on 6.65 million hectares as of Dec. 12, up 4.6 percent a year earlier.
* At the Indore spot market in Madhya Pradesh, soybeans were up 4 rupees at 3,885 rupees per 100 kg, while soyoil rose 2.5 rupees to 695.5 rupees per 10 kg. At Alwar in Rajasthan, rapeseed was down around 39 rupees to 3,674 rupees. [$1 = 61.915 Indian rupees]
* "The soy complex attracted buying support after going through a phase of correction," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities.
* At 0845 GMT, the key January soybean contract was up 0.7 percent at 3,777 rupees ($61.00) per 100 kg on the National Commodity and Derivatives Exchange.
* Soyoil reflected the sentiment in soybean and traded higher, taking cues from rival palm oil.
* Malaysian palm oil futures edged higher as weakness in the local currency stoked demand from overseas buyers, while heavy rains raised worries of floods in palm-growing areas that could curb supply of the tropical oil.
* The key January soyoil contract was up 0.5 percent at 694 rupees per 10 kg.
* A higher area under cultivation kept rapeseed futures down as output prospects appeared bright.
* The rapeseed contract for January was down 0.6 percent at 3,644 rupees per 100 kg.
* Indian farmers had sowed rapeseed on 6.65 million hectares as of Dec. 12, up 4.6 percent a year earlier.
* At the Indore spot market in Madhya Pradesh, soybeans were up 4 rupees at 3,885 rupees per 100 kg, while soyoil rose 2.5 rupees to 695.5 rupees per 10 kg. At Alwar in Rajasthan, rapeseed was down around 39 rupees to 3,674 rupees. [$1 = 61.915 Indian rupees]