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India soybean, soyoil futures rise on hopes of good monsoon rains
May 17, 2017 / 1:41 PM / 4 months ago

India soybean, soyoil futures rise on hopes of good monsoon rains

NEW DELHI (Reuters) - Indian soybean and soyoil futures rose on Wednesday, bouyed by optimism surrounding a favourable monsoon rains forecast.

June soyoil futures were up 0.32 percent at 633.20 rupees ($9.87) on the National Commodities and Derivatives Exchange as of 1322 GMT, while Indian soybean was up 1.6 percent at 2,855 rupees.

“The soybean, soyoil prices recovered from a fall earlier, and there is some optimism over the monsoon forecast as well,” said Chowda Reddy, an analyst at Inditrade Capital Ltd.

The May rapeseed contract was down 0.5 percent at 3,702 rupees per 100 kg.

($1 = 64.1650 rupees)

Reporting by Sudarshan Varadhan; Editing by Biju Dwarakanath

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