Soybean prices on Wednesday rose by Rs 72 to Rs 4,073 per quintal in futures trade as traders created fresh positions supported by a strong spot demand.
On the National Commodity and Derivatives Exchange, soybean for delivery in November was up by Rs 72, or 1.8 per cent, to Rs 4,073 per quintal with an open interest of 6,280 lots.
Market players said raising of fresh positions by speculators on the back of high demand mainly led to rise in soybean prices.
Soybean futures fell to as much as 6 1/2 points lower after being fractionally mixed during midday trading. Soybean meal was down $2.20/ton. Bean oil was up by 24 points.
Traders are expecting 0.8 -1.4 MMT of soybean export sales in tomorrow’s report. Soymeal export sales are expected to range from 100-45,000 MT, and bean oil is anticipated to show 5,000-25,000 MT.
US Soybean FOB prices were are seen below Brazil but slightly above Argentina, @ $359.00/MT. Malaysian palm oil, a substitute for soybean oil, was closed at its highest level since the November 2017.