Oilseeds prices rule firm on strong global cues
Oilseeds futures remained firm as lower arrivals added to strong demand on Monday.
By PTI |
NEW DELHI: Oilseeds futures continues to remain bullish on account of strong international cues and lower arrivals against high demand.
At 14:15 hrs on agri-commodity exchange NCDEX, July contract fo Soyabean was up by 0.84 per cent at Rs 2,753 per quintal, while August contract was up 0.74 per cent at Rs 2,738 per quintal.
Soyabean prices were bullish in the domestic futures market due to strong trend in Chicago Board of Trade and Malaysian markets, brokerage firm Karvy Comtrade G Harish said.
Market men said delay in sowing activities due to weak progress of monsoon boosted the prices trend of soyabean. High crude oil prices also supported the prices movement of soyabean, they added.
Mustard seed, which is rabi crop and usually follows the price movement of soyabean, was also trading firm.
Lower production, declining arrival in the physical markets and higher demand by stockists also contributed towards strong price movement in the futures market, Harish said.
July contract fo mustard seed was up 0.3 per cent at Rs 657.3 per 20 kg, while September contract was up 0.2 per cent at Rs 687.5 per 20 kg.
The total oilseeds production in India for the year 2007-08 was 28.21 million tonnes, of which Soyabean production stood at 9.43 million tonnes and mustard seed stood at 6.43 million tonnes.
The major soyabean producing states in the country are Madhya Pradesh, Maharashtra, Rajasthan, Karnataka and Uttar Pradesh. While, Rajasthan and Uttar Pradesh are the major mustard seed producers.
At 14:15 hrs on agri-commodity exchange NCDEX, July contract fo Soyabean was up by 0.84 per cent at Rs 2,753 per quintal, while August contract was up 0.74 per cent at Rs 2,738 per quintal.
Soyabean prices were bullish in the domestic futures market due to strong trend in Chicago Board of Trade and Malaysian markets, brokerage firm Karvy Comtrade G Harish said.
Market men said delay in sowing activities due to weak progress of monsoon boosted the prices trend of soyabean. High crude oil prices also supported the prices movement of soyabean, they added.
Mustard seed, which is rabi crop and usually follows the price movement of soyabean, was also trading firm.
Lower production, declining arrival in the physical markets and higher demand by stockists also contributed towards strong price movement in the futures market, Harish said.
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July contract fo mustard seed was up 0.3 per cent at Rs 657.3 per 20 kg, while September contract was up 0.2 per cent at Rs 687.5 per 20 kg.
The total oilseeds production in India for the year 2007-08 was 28.21 million tonnes, of which Soyabean production stood at 9.43 million tonnes and mustard seed stood at 6.43 million tonnes.
The major soyabean producing states in the country are Madhya Pradesh, Maharashtra, Rajasthan, Karnataka and Uttar Pradesh. While, Rajasthan and Uttar Pradesh are the major mustard seed producers.
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