Indian soyabean futures ended higher on Tuesday on short-covering, even though gains remained capped due to steady sowing progress in key producing regions, while rapeseed fell on profit-taking. The October soyabean contract on the National Commodity & Derivatives Exchange edged up 0.4 percent to 3,753 rupees ($55.87) per 100 kg.
Indian farmers have planted soyabean on 9.6 million hectares since the sowing season began in June, almost at par with last year's acreage. The August rapeseed contract dropped 0.3 percent to 5,000 rupees per 100 kg. Traders said there was good demand for edible oil and more buying is expected from oil mills at a time when supplies of rapeseed are dwindling.
August soyaoil futures were 0.19 percent higher at 636.40 rupees per 10 kg as of 1313 GMT, tracking gains in soyabean. Traders expect prices to drop due to sufficient supplies of imported edible oil in the market.
SUGAR The most-active October sugar contract was trading 0.03 percent higher at 3,823 rupees per 100 kg. "Sugar prices should trade in the range of 3,200-3,400 rupees by the end of this year due to higher acreage and increased availability in the local market after the imposition of export duty," said Chowda Reddy, assistant vice-president, Inditrade Derivatives and Commodities.