MUMBAI (Commodity Online): Soybean futures went up on Tuesday in the domestic market as the fears of lower output in the country supported the futures apart from firm export demand for soymeal.
NCDEX soybean November futures up 2.2% at two-month high Rs 2,280 per 100 kg on low crop-output concerns, firm soymeal export demand; 2009-10 soybean production likely 8.5 million metric tons vs 8.9 million tons, says Central Organization for Oil Industry & Trade.
India soybean futures extended gains on Saturday closing up 0.95% at 2230rupees, supported by hopes of domestic and export demand for soymeal and a firm Malaysian palm.
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However, rising arrivals in the domestic spot market kept the upside limited. There is a likelihood of a price correction in the near-term and that such high level is not sustainable. Increasing arrivals across the major markets in the country is pressuring the spot rates.
Strong demand fro Soy meal in the physical market is limiting the sharp fall in prices. Improvement in soy meal price in spot market is indicating emergence of demand in the domestic market.
