NEW DELHI, June 23 (Reuters) - India’s soybean futures rose on Friday, snapping a two-session losing streak, with the price moving towards the minimum purchase price of the commodity.
India raised the minimum purchase price for soybeans earlier this month to 3,050 Indian rupees ($47.27) per 100 kg from 2,775 rupees amid ongoing protests in the country’s biggest farming states.
July soybean futures closed 0.7 percent higher at 2,826 rupees on the National Commodities and Derivatives Exchange.
Indian July soyoil futures were largely flat at 625.50 rupees as of 1318 GMT. The July rapeseed contract closed 0.1 percent lower at 3,498 rupees per 100 kg. ($1 = 64.5200 Indian rupees) (Reporting by Sudarshan Varadhan; Editing by Amrutha Gayathri)