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Soya oil futures rose marginally by 1 per cent on Wednesday on the NCDEX.
Septmber contracts rose by Rs 1.15 to Rs 793 a quintal and October were up by Rs 2.40 to at Rs 781. November contracts declined by Re 1 to Rs 764/quintal.
Soyabean oil is struggling to hold on to gains on continuous fall in palm oil prices in the last two weeks. Malaysia's August palm oil stocks climbed to 9-month high as still-high production offset a strong rise in exports.
Moreover, better output and improved hopes for rabi sowing too are pulling soya oil prices down. A few soyabean growing areas received excessive rainfall towards late - August which may hurt yields, but overall the output is likely to be higher than last year.
Soyabean production in 2012/13 is likely to rise to 11.8 million tonnes from 11 million tonnes in the current year, JP Morgan said in its recent research report.
In the spot market at Indore (M.P), soya oil was ruling steady at Rs 797.5 on limited buying support from retailers and stockists. However, festival demand is expected to support soyaoil prices.
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