Soyabean for October delivery on NCDEX gained one per cent to Rs 3,998 a quintal against the previous close of Rs 3,972 on reports that a El nino weather pattern developing overseas may hamper palm oil output in the top producing nation.

CBOT (Chicago Board of Trade) soyabean had settled lower by 0.21 per cent on Thursday on forecast of more rains in US Midwest. The soyabean crop condition in US has improved, according to the USDA weekly crop progress report.

In the domestic markets, oilseeds were sown on 151.82 lakh hectares as on August 9 against 157.9 lakh ha. in the same period last year. However, soyabean area is higher at 103.2 lakh ha. against 102.9 lakh ha. covered in the same period last year.

NCDEX soya oil and MCX CPO had settled higher on Thursday amid lower palm oil imports. India imported 112,611 tonnes of refined palm oil in July, down 9.28 per cent from June.

(This article was published on August 17, 2012)
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