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India soybeans rise on thin supply, soyoil up on global cues
December 10, 2012 / 9:38 AM / 5 years ago

India soybeans rise on thin supply, soyoil up on global cues

MUMBAI, Dec 10 (Reuters) - Indian soybean futures edged higher on Monday on thin supplies in the physical market, while soyoil rose tracking an increase in Malaysian palm oil prices.

* Rapeseed futures eased on higher area under cultivation.

* At 0914 GMT, Malaysian palm oil futures were up 0.65 percent at 2,312 ringgit per tonne, while U.S. soybean was up 0.08 percent to $14.73-1/2 per bushel.

* India meets more than half of its edible oil requirement through imports, which constitute largely palm oil.

* The January soybean contract on India’s National Commodity and Derivatives Exchange rose 1.32 percent to 3,305 rupees per 100 kg.

* India exported 517,103 tonnes of soymeal in November, compared with 49,840 tonnes in the previous month, industry body the Solvent Extractors’ Association of India (SEA) said last week.

* “Lower soybean supplies in spot markets are giving support to prices. Global markets are not supportive. In U.S. soybean prices are falling,” said Chowda Reddy, a senior analyst with JRG Wealth Management.

* Soybean supplies in India usually peak in November and December as farmers bring in the new-season crop. This year many big farmers are holding back supplies, hoping that prices could jump in 2013.

* January rapeseed fell 0.55 percent to 4,175 rupees per 100 kg, while soyoil edged 0.51 percent higher to 710.25 rupees per 10 kg.

* Indian farmers have cultivated rapeseed on 6.05 million hectares as on Dec. 7, compared with 5.96 million hectares during the same period last year.

* At the Indore spot market in Madhya Pradesh, soyoil fell 1.3 rupee to 728.2 rupees per 10 kg, while soybean edged up 8 rupees to 3,248 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed nudged up by one rupee to 4,357 rupees.

* India’s soybean production in 2012/13 is expected to rise 8.8 percent on year to 12.67 million tonnes, while rapeseed output is likely to grow nearly 25 percent to 6.5 million tonnes, industry officials said. (Reporting by Rajendra Jadhav; Editing by Jijo Jacob)

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