Indian soybeans rise for 3rd straight session

NEW DELHI: Indian soybean futures rose for a third straight session on Tuesday, with front month hitting its highest in over two months and inching towards the minimum purchase price set by the government.

July soybeans closed 1.8 percent higher at 2,968 rupees ($45.83) per 100 kg on the National Commodities and Derivatives Exchange, less than 100 rupees shy of the minimum purchase price of 3,050 rupees.

India raised the minimum purchase price for soybeans to 3,050 rupees per 100 kg from 2,775 rupees to protect farmers from falling market prices.

Indian July soyoil futures were flat at 646 rupees at 1515 GMT, while rapeseed futures closed 0.2 percent higher at 3,600 rupees.