Indian soyabean rises on delay in monsoon

14 Jun, 2016

Indian soyabean futures gained on Monday after a delay in the arrival of monsoon rains in key soyabean growing areas raised expectations of lower output, traders said. The July soyabean contract on the National Commodity & Derivatives Exchange rose 2.77 percent to 4,003 rupees($59.66) per 100 kg. Low arrivals of soyabean in the spot market also supported prices. The July rapeseed contract rose 1.84 percent to 4,816 rupees per 100 kg, tracking gains in soyabean and demand from oil mills for crushing.
July soyaoil futures eased 0.69 percent to 654 rupees per 10 kg at 1242 GMT, tracking losses in Malaysian palm oil futures. Malaysian palm oil futures fell for a sixth straight session on Monday, dropping early as traders foresaw rising output amid slowing demand, and again in the evening tracking rival oil prices.

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