MUMBAI: Oilseed futures opened up on Wednesday after the US Department of Agriculture's (USDA) forecast for oilseed production in that country was less than expected, analysts said.
At 10:50 am, soybean September contract on National Commodity and Derivatives Exchange rose 1.29 per cent to Rs 2,478.5 per 100 kg. The new Oct futures were up 2.36 per cent at Rs 2,165.50.
Rapeseed November futures rose 1.37 per cent to Rs 584.15 per 20 kg.
US soybean production for 2008 may stand at 2.973 billion bushels, the USDA said late on Tuesday, below an average analysts' estimate of 3.001 billion bushels.
The firm prices were supported by firm global markets, they added.
At 10:51 am, the benchmark October palm oil contract on the Bursa Malaysia Derivatives Exchange was up 1.33 per cent at 2,595 ringgit a tonne.
Soybean and rapeseed are crushed to derive soyoil and rapeseed oil, which compete with palm oil and so their prices usually move in tandem....REUTERS
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