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Indian soybean futures hit contract high
July 2, 2012 / 7:56 AM / in 5 years

Indian soybean futures hit contract high

MUMBAI, July 2 (Reuters) - Indian soybean extended gains for another session on Monday to hit its contract high, bolstered by concerns over sowing after poor rains in growing areas and on firm global markets.

* At 0735 GMT, the most-active soybean contract for July delivery on India’s National Commodity and Derivatives Exchange (NCDEX) was up 0.29 percent at 3,980 rupees per 100 kg, after hitting a contract high of 3,996.5 rupees.

* “The main concern is monsoon and sowing, and global markets are up,” said Chowda Reddy, senior analyst with JRG Wealth Management.

* Madhya Pradesh and Maharashtra are the top two soybean producers in the country accounting for more than 85 percent of the total production. Both states have so far received lower rainfall than average.

* U.S. soybean also struck a contract high as hot and dry weather continued to adversely impact soybean crop.

* Buying is advised at 3,970 rupees for a target of 4,010 rupees, and a stop loss of 3,950 rupees, said Reddy.

* Rapeseed for July delivery was 0.43 percent higher at 3,951 rupees per 100 kg.

* Buying in rapeseed is advised at 3,950 rupees for a target of 3,980 rupees, said Reddy.

* In the Indore spot market in Madhya Pradesh, soyoil was steady at 754.35 rupees per 10 kg, while soybean rose 12 rupees to 3,928 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed was steady at 3,820 per 100 kg. (Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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