7/17/2012 02:40:00 PM
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Soybean Live Market Trend
Soybean prices opened strong in Indore mandi today on better buying support against poor availability's.
* Soy oil prices opened steady on limited buying support aat higher prices.
* Soy meal prices opened firm on better buying inquiries against limited availability's.
Soybean acreage in India, Asia’s largest exporter of the animal feed made from the oilseed, may increase as much as 10 percent this year as record prices spur farmers to boost sowing. Area under the crop may increase by 7 percent to 10 percent due to higher planting in Maharashtra, Karnataka and Rajasthan states, Atul Chaturvedi, chief executive officer of Adani Wilmar Ltd., said in a phone interview today. Acreage was 10.3 million hectares (25.5 million acres) last year, according to the Soybean Processors Association of India.
Soybean prices on the National Commodity & Derivatives Exchange Ltd. have more than doubled in the past year. The most- active contract jumped to a record 4,720 rupees ($86) per 100 kilograms today.
National Commodity and Derivatives Exchange increased special margins on long positions of soybean and rapeseed futures effective on Wednesday, it said in a statement, after oilseeds futures struck record highs on Monday's trade. The exchange will levy special margins of 20 percent in all long positions of soybean, up from the earlier 5 percent. The special margin for rapeseed futures was increased to 15 percent from the earlier 5 percent.
Oilseeds futures rose 3 percent on Monday to hit their contract high powered by strong overseas markets and as poor rainfall raised concerns over oilseed output.
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