Indian soyabean futures rose on Tuesday on bargain buying driven by gains in overseas markets, while soyaoil futures hit a contract high on robust demand due to the wedding season. Rapeseed futures edged higher following gains in edible oil prices. At 0840 GMT, the benchmark Malaysian palm oil contract was unchanged at 2,273 ringgit per tonne, while US soyabeans rose 0.97 percent to $14.86 per bushel.
“Soyaoil supplies are tight due to the slowdown in soyabean crushing. Demand is good due to the wedding season,” said Faiyaz Hudani, a senior research analyst at Kotak Commodity Services Ltd. “Premium of spot soyaoil prices over futures is very high due to tight supplies. It will support far-month futures.”
The key May soyaoil contract on India’s National Commodity and Derivatives Exchange was up 0.24 percent at 723.20 rupees per 10 kg, after hitting a contract high of 728.40 rupees earlier. The key May soyabean contract rose 1.70 percent to 3,942.5 rupees per 100 kg, while the rapeseed contract for May edged up 0.41 percent to 3,466 rupees per 100 kg. India’s soyameal exports are likely to fall to 200,000 tonnes in April, down 36 percent from a year earlier, unless buying from Iran improves, an industry official said.
