Monday, March 29, 2010

DJ MARKET TALK: India Soybean Futures Likely Up On Global Cues

0345 GMT [Dow Jones] India April NCDEX soybean futures likely to extend gains, tracking firm global markets; eCBOT soybean up 0.5%, BMD palm oil futures 0.4% higher. "But a record South American soybean crop and a pickup in local rapeseed arrivals will limit the upside," says Indore-based trader;
Brazil, Argentina soybean harvest in progress; India's rapeseed output for crop year through September likely 6.32 million tons vs 6.20 million tons year earlier. Trader expects soybean in INR2,028-INR2,070/100 kg range, soyoil in INR452-INR458/10 kg band; soybean last closed 0.9% higher at INR2,048.50,
soyoil down 0.4% at INR454.75.

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