Soyabean futures surged on Thursday on the commodity exchanges following cues from the global markets. Lower arrivals and demand also boosted the sentiment.
On the NCDEX, soyabean for November delivery gained 3.56 per cent at Rs 3,355.5 a quintal while December and January contracts increased 3.7 per cent each to Rs 3,396.5 and Rs 3,433 respectively.
Reports of improved export demand for the soyameal along with festive season demand for its oil supported the oilseed's prices. Also, lower arrivals were reported as farmers were not ready to sell their stocks at lower levels.
Soyabean arrivals in Madhya Pradesh stood at 1,50,000 bags (of 100 kg each), while in Maharashtra and Rajasthan they were around 80,000-1,00,000 bags each.
On Wednesday, arrivals at M.P. were at 4,50,000 bags, Maharashtra-1,70,000 bags and Rajasthan 1,00,000 bags.
Spot soyabean prices too were ruling high on the back of demand and lower arrivals. In Indore (M.P), soybean was quoted at Rs 3,300 a quintal while plant delivery soyabean was at Rs 3,250-3,300 - up about Rs 50 from Tuesday.
Global scenario
On the Chicago Board of Trade (CBOT), soyabean had gained 1.5 per cent in the last two sessions on buoyant export demand (from China) at a time when harvest is coming to an end. Also, farmers have slowed their sales expecting better prices for their crop.
According to the latest USDA report, global soyabean output is projected at 264.3 million tonnes, up 6.2 mt. Ending stocks are seen down from 169 million bushels in 2011-12 to 115 million bushels in 2012-13 season.
Brazil could churn out 81 mt of the oilseed and topple the drought-stricken US as the world's top soyabean producer.