Futures trading in soya complex – soyabean and soya oil – and RM seed may gain further on lower supply and concern over crop output in this kharif season.
Soya complex along with RM Seed on Monday hit another new high in NCDEX. Strong buying support aided the rally in prices.
Soyabean August futures hit the 4 per cent upper circuit at Rs 4,692 a quintal, soyaoil gained 1.2 per cent at Rs 805 and RM Seed was up 2 per cent at Rs 4,350 a quintal.
According to latest reports, about 80 per cent of soyabean sowing in Madhya Pradesh is complete. However, rainfall in the next few days will play a crucial role in deciding the crop output.
Kharif edible oilseeds acreage is down 19.27 per cent till last week and estimated at 67.7 lakh hectares.
Soyabean acreage is estimated at 54.51 lakh hectares marginally higher from last year.
As per the USDA monthly report released yesterday, global soyabean output in 2012-13 is projected to decline by 3.9 mt to 267.2 mt. This was largely due to a fall in output in the US.