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Soyabean futures rebounded on Friday, gaining more than 2 per cent on account of lower arrivals, firm spot demand and bargain-buying led by festive season demand for edible oils.
The rise in the Chicago Board of Trade soya complex also aided the trend.
On the NCDEX, soyabean October futures gained 2.26 per cent to Rs 3,236 a quintal on short-covering, while the November and December contracts gained 2.1 per cent each to Rs 3,280 and Rs 3,312 respectively. Arrivals were down to around 7,50,000 bags (of 100 kg each) compared with 8,50,000-9,00,000 bags yesterday.
In the spot market at Indore (Madhya Pradesh), oilseed prices increased due to a fall in arrivals coupled with demand from millers. Soyabean was quoted at Rs 3,233 a quintal.
Global scenario: CBOT soyabean settled 2.4 per cent higher on good weekly export sales data of 5.252 lakh tonnes. Also, buying emerged at lower levels as the prices have reached a 3-1/2 month low due to higher supplies.
According to the latest USDA report, global soyabean output is projected at 264.3 million tonnes, up 6.2 million tonnes due mainly to an increase for the US. Brazil could churn out 81 million tonnes of the oilseed and replace the US as the world's top soyabean producer.
The Chicago Board of Trade November soya fell 0.6 per cent to $15.37 a bushel by 0311 GMT.
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