Soybean prices in Indore rose as crushing plants purchased the oilseed aggressively fearing a liquidity crunch ahead due to a two-day bank strike starting previous day. A decline in arrivals also supported prices. In Indore, soybean was sold at 3,375-3,400 rupees per 100 kg, 25 rupees higher than previous day. Arrivals across Madhya Pradesh, the largest grower, were pegged at 100,000 bags (1 bag = 100 kg) compared with 130,000 bags. The most-active January contract on NCDEX was at 3,459 rupees per 100 kg, 0.5% higher than previous close, tracking gains in spot markets. Futures contracts of all constituents of the edible oil basket rose on domestic exchanges.
The January futures contract of soybean on the National Commodity and Derivatives Exchange closed nearly 1% higher, in line with gains in key contracts on Chicago Board of Trade. On CBOT, soybean rose, bolstered by hopes that the meeting between officials of the US and China in Beijing would iron out trade tensions between the two countries. subdued arrivals in spot markets also lent support to soybean prices. Arrivals across Madhya Pradesh, the largest grower, were pegged at 100,000 bags (1 bag = 100 kg), compared with 130,000 bags. Futures contracts of refined soyoil on NCDEX and crude palm oil on the Multi Commodity Exchange of India edged higher due to a pick-up in demand in wholesale markets.