Soybean, soyoil futures rise on hopes of good monsoon rains

Soyoil futures were up 0.32% at Rs 633, while soybean was up 1.6% at Rs 2,855

Indian soybean and soyoil futures rose on Wednesday, bouyed by optimism surrounding a favourable monsoon rains forecast.

June soyoil futures were up 0.32 per cent at 633.20 rupees ($9.87) on the National Commodities and Derivatives Exchange as of 1322 GMT, while Indian soybean was up 1.6 per cent at 2,855 rupees.

"The soybean, soyoil prices recovered from a fall earlier, and there is some optimism over the monsoon forecast as well," said Chowda Reddy, an analyst at Inditrade Capital Ltd.

The May rapeseed contract was down 0.5 per cent at 3,702 rupees per 100 kg.