| Date: |
31-08-2010 |
| Subject: |
Soybean recovers on gains in crude oil |
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NCDEX Soybean September futures recovered from lows ended 1% higher on closing note on positive global cues and strong oil prices settled at Rs.2059.
The international demand is high with the increased spot participation and Heavy showers with favorable weather, particularly in soybean-growing regions in the past week with enough old crop stock which is absent in international front may ride the prices upwards.
Soy oil futures ended higher at Rs. 489 taking cues from higher oil prices. Upcoming festival demand from China and India boosted may soy oil prices increasing demand while lower production estimates from Indonesia may also give strength to soy oil prices. India is likely to import 5.5 to 6 lakh tone Palm Oil for August.
Source : commodityonline.com
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