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Indian soybean futures gain ahead of deliveries
June 12, 2017 / 12:09 PM / 6 months ago

Indian soybean futures gain ahead of deliveries

NEW DELHI, June 12 (Reuters) - Indian soybean and rapeseed futures rose on Monday ahead of deliveries, as the price of the futures contract moved in the direction of spot market prices.

June soybean futures closed 1.5 percent higher at 2,740 rupees ($42.52) on the National Commodities and Derivatives Exchange, still lower than the average spot market price of 2,886 rupees and minimum support price of 2,775 rupees.

Soybean futures, which have been trading below their minimum support price of 2,775 rupees ($43.20), hit their lowest in more than five years last week.

Farmers’ strikes in India’s top soybean-producing state of Madhya Pradesh over the last two weeks have created uncertainties about supply, causing volatility in prices.

The June rapeseed contract closed 1.8 percent higher at 3,592 rupees per 100 kg, over 100 rupees lower than the spot market price of 3,709.75 rupees.

Soyoil futures were largely flat at 629.20 rupees as of 1158 GMT.

$1 = 64.4350 Indian rupees Reporting by Sudarshan Varadhan; Editing by Biju Dwarakanath

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