Indian soyabean futures surged more than 3 percent on Thursday to hit the highest in a month on gains in overseas markets and as local oil millers were aggressively buying in spot markets due to good export demand for soyameal. Soyaoil got support from festival season demand, while rapeseed edged higher on depleting stocks.
Malaysian palm oil futures were down 1.01 percent at 2,552 ringgit per tonne at 0728 GMT, while US soyabeans fell 0.35 percent to $15.65 per bushel, after rising 1.1 percent in the previous session. The Indian market was closed on Wednesday due to a festival. "Soyameal exports will keep soyabean on higher side. It will keep oil millers' buying interest intact," said Badruddin Khan, associate vice-president of research at Indiabulls Commodities Ltd.
Soyameal exports are up sharply as the new season crop arrives, with deals so far for 1 million tonnes in October-December and more expected in the coming weeks, helping ease tight global supplies due to a US drought. The November soyabean contract on the National Commodity and Derivatives Exchange was up 2.89 percent at 3,333.5 rupees per 100 kg. The contract earlier rose to 3,355 rupees, the highest level since September 26.