MUMBAI: Indian soybean futures rose on Friday to the highest in six weeks, boosted by gains in overseas prices and thin supplies in local spot markets as farmers were holding back produce, expecting prices to rise.
* Soyoil rose, following gains in Malaysian palm oil, while rapeseed was steady as an expected rise in production weighed.
* As of 0806 GMT, Malaysian palm oil futures were up 1.97 percent at 2,274 ringgit per tonne, while US soybeans were 0.95 percent higher at $14.90-1/2 per bushel.
* India meets more than half of its edible oil requirement through imports, which constitutes largely palm oil.
* The January soybean contract on India's National Commodity and Derivatives Exchange was up 1.85 percent at 3,379 rupees per 100 kg, after rising to 3,380 rupees, the highest for the second month contract since Nov.2.
* "Soybean exports from the US are robust. This indicates a strong demand from China," said an analyst at Emkay Commotrade Ltd.
* Export sales of US soybeans were more than 1.3 million tonnes in the latest week, well above trade expectations of 600,000 to 850,000 tonnes, a weekly report by the US Department of Agriculture showed.
* The January soyoil contract rose 0.47 percent to 702.9 rupees per 10 kg, while the January rapeseed contract was up 0.27 percent at 4,108 rupees per 100 kg.
* Indian farmers have cultivated rapeseed on 6.05 million hectares as on Dec. 7, compared with 5.96 million hectares during the same period last year.
* India's cooking oil imports fell by a third in November from the previous month, a trade body said on Thursday, largely due to a drop in purchases of palm oil, as cold weather makes the commodity unusable and volatile prices deterred buyers.
* At the Indore spot market in Madhya Pradesh, soyoil rose 4.15 rupees to 723.05 rupees per 10 kg, while soybeans climbed 29 rupees to 3,315 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed eased by 15 rupees to 4,210 rupees.
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