Indian soyabeans futures rise

Indian soyabean futures rose on Wednesday on expectations that excessive rains could damage the freshly planted crop and reduce the oilseeds' output, while rapeseed gained on demand for edible oil. The October soyabean contract on the National Commodity & Derivatives Exchange closed up 1.45 percent at 3,851 Indian rupees ($57.48) per 100 kg.
Higher-than-average monsoon rains in key soyabean-producing states of Madhya Pradesh and Maharashtra stoked concerns of crop damage. However, a senior Madhya Pradesh government official on Tuesday told Reuters that rains have not caused extensive damage to the soyabean crop. Monsoon rains, crucial for India's agriculture sector, covered the entire country on Wednesday, the weather office reported. The August rapeseed contract gained 1.7 percent at 4,956 rupees per 100 kg due to pickle makers' demand for mustard oil.