India soybean futures recover on millers' demand
MUMBAI, Dec 1 (Reuters) - India soybean futures recovered on Monday afternoon and were steady tracking a rise in demand by millers but a rise in arrivals and an outbreak of bird flu in the north-eastern state of Assam limited the gains, analysts said.
The outbreak of bird flu has lowered demand for soymeal, the main by-product derived from crushing the oilseed, in the north-east markets, a trader in Indore said.
Soymeal is mainly used as poultryfeed.
At 1:54 p.m. January futures NSBF9 on the National Commodity and Derivatives Exchange were almost steady at 1,716 rupees per 100 kg.
Prices in the spot market in Indore, a hub for soybean trade, rose 0.6 percent to 16,600 rupees per tonne despite a sharp rise in arrivals. Arrivals in Indore were at 700 tonnes against an average of 200-300 tonnes per day last week.
Soybean prices were supported by a firm palm oil market in Malaysia.
At 1:57 p.m., February palm oil KPOc3 on the Bursa Malaysia Derivatives Exchange edged up 0.61 percent to 1,642 ringgit a tonne.
Palm oil prices are watched by soy traders, as soybean is crushed to make soyoil, which competes with other edible oils. (Reporting by Abhishek Shanker; editing by Sunil Nair)
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