Commodities

Soyabean futures up on global cues

| Updated on: Aug 22, 2012
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Soyabean futures were up in early trade tracking global cues.

On the National Commodity and Derivatives Exchange Ltd (NCDEX), the new crop soyabean contract for October 19 gained about a per cent and was seen trading at Rs 4039 a quintal on Wednesday morning.

Similarly, the November contract was higher by 1.35 per cent to trade at 4,030 a quintal.

The December and January 2013 contracts were also trading higher by over 1.5 per cent each pointing to the bullish trend in the soyabean prices.

Soyabean prices are ruling firm as the worst drought in 56 years has trimmed the US crop by 12 per cent to 2.692 billion bushels (one bushel equals 27.215 kg), according to latest USDA estimates.

The Indian farmers, lured by attractive returns last years, have planted an all-time high acreage this year.

Soyabean acreage as per latest estimate stands at 106.40 lakh hectares against 102.27 lakh ha in the previous year.

Published on March 12, 2018

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