Indian vegetable oilseed and oil futures closed higher riding on the strong gains in the global markets Saturday. The US soybean closed at 34-year high Friday night, while soy oil closed at a new contract high. Malaysian palm oil futures had also closed yesterday higher yesterday breaking records for both intraday and closing highs.
US soy complex made sharp gains on Friday night supported by export demand, gains in crude oil and technical buying. The USDA weekly export sales report showed increase in exports of soybean and oil. Soybean closed at a 34-year high on technical buying, after the underlying strength in the market made it to cross a 19-year high of $ 10.99 ½.
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