Indian soyoil and soybean futures mount sharply on global cues

soyoil and soybean According to analysts' reports, as a result of an ascend in soybean and soyoil markets on CBOT - Chicago Board of Trade CBOT - during electronic trade, and steady Malaysian palm oil markets, Indian soyoil and soybean futures mounted sharply for second successive day on Monday.

Due to the strong global cues, June soybean contract NSBM9 on the National Commodity and Derivatives Exchange (NCDEX) rose to Rs 2663.50 per 100 kg on Saturday, and to Rs 2,839 per 100 kg on Monday morning; with the domestic as well as global soybean supply being 'tight.'

The June soyoil contract NSOM9 - which recently touched a new high of Rs 520.5 per 10 kg - increased 1.52 percent to reach Rs 518.4 per 10 kg on Monday. Soyoil, which serves as a substitute to palm oil, is produced from crushed soybean seeds.

Meanwhile, the yardstick July palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange reached 2,729 ringgit a tonne - a 5.16 percent rise.

The rise in prices of soyoil and soybean also resulted from a sharp rise in the prices of crude oil, which led to expectations of a demand rise from the bio-fuel sector. The US crude oil prices CLc1 leaped 0.34 to reach $53.38 a barrel. On Friday, the markets had jumped 4 percent to record a four-week high.