The most-active soyabean for January delivery on the National Commodity and Derivatives Exchange (NCDEX) was 1.10 percent higher at 3,168 rupees per 100 kg at 700 GMT. "Soyabean and soyaoil are taking cues from international markets," said Ambika T.B., an analyst with Karvy Comtrade in Hyderabad. Farmers are holding stocks as they are expecting further gains in prices. Arrivals at the key Indore market was pegged at 8,000-9,000 bags of 100 kgs each from 12,000 bags last week, said the analyst.
Soyaoil for January delivery on the NCDEX was 0.75 percent higher at 707.85 rupees per 10 kg, while rapeseed for January delivery on the NCDEX was 0.59 percent higher at 4,116 rupees per 100 kg. Buying in soyaoil is recommended at 695-697 rupees, for a target of 714-720, with a stop loss at 687 rupees, said Ambika T.B.
At the Indore spot market in Madhya Pradesh, soyaoil fell 5.05 rupees to 722.70 rupees per 10 kg, while soyabean rose 3 rupees to 3,166 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 30 rupees to 4,255 rupees. Indian farmers have cultivated rapeseed on 5.22 million hectares as on November 23, compared with 5.07 million hectares during the same time last year, farm ministry data showed. India's soyabean production in 2012/13 is expected to rise 8.8 percent on year to 12.67 million tonnes, while rapeseed output is likely to grow nearly 25 percent to 6.5 million tonnes, industry officials said.