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India soybean hits new record high on demand
March 14, 2012 / 8:23 AM / 6 years ago

India soybean hits new record high on demand

MUMBAI, March 14 (Reuters) - Indian soybean futures hit a new record high on Wednesday afternoon tracking a rally in overseas markets and as good demand in physical market amid dwindling supplies bolstered sentiments, analysts said.

* Rapeseed futures rose on lower-than expected arrivals in physical market, while soyoil gained following a rise in rival Malaysian palm oil prices, they said.

* “There is strong exports demand for soymeal, but soybean supply is dwindling. Arrivals have gone down sharply in physical market,” said Subhranil Dey, an analyst with SMC Comtrade.

* India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meagre carry forward stocks of beans, a senior industry official said on March 9.

* Malaysian palm oil futures rose 0.27 percent to 3,374 ringgit per tonne by 0812 GMT, while U.S. soybean rose 0.06 percent to $13.49-1/2 per bushel.

* Soybean for April delivery on India’s National Commodity and Derivatives Exchange was 0.66 percent higher at 2,912 rupees per 100 kg, after hitting a record high of 2,944 rupees.

* Rapeseed for April delivery edged up 0.05 percent to 3,674 rupees per 100 kg, while April soyoil rose 0.03 percent to 727.8 rupees per 10 kg.

* India’s rapeseed output is expected to fall 8.5 percent to 6.3 million tonnes in 2012 on lower acreage of the oilseed crop, a trade body survey showed.

* In the Indore spot market in Madhya Pradesh, soyoil edged up 4.55 rupees to 727.05 rupees per 10 kg, while soybean rose 31 rupees to 2,839 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed jumped 26 rupees to 3,571 per 100 kg. (Reporting by Rajendra Jadhav; Editing by Subhadip Sircar)

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