| Mustard seed and mustard oil futures are also likely to firm up as the key consuming states start placing bulk orders for festivals. |
| Soyoil: "Prices of soyoil have bottomed out around Rs 363-364 per 10 kg in the futures markets and some buying at low rates should push up prices," said KN Rahaman, a commodity analyst with IL&FS Securities. |
| On the National Commodity and Derivatives Exchange of India (NCDEX), he expects September refined soyoil to test Rs 370 per 10 kg, as accumulated demand in the physical markets will lead to spurt in buying. |
| On Thursday, NCDEX September refined soyoil closed at Rs 366 per 10 kg, up Rs 0.85 from previous day's close. Some analysts said, traders have been waiting for soyoil oil rates to fall and now when the prices have touched their maximum downside, they would start buying. |
| On the National Board of Trade, September refined soyoil is seen moving in the range of Rs 360-370 per 10 kg with a slight upward bias. "Soyoil rates have bottomed out and might move upward because of buying at low levels," a broker said. |
| Mustard Seed: Mustard seed and mustard oil futures are also seen moving up due to bulk festival demand from key mustard oil consuming states of West Bengal, Assam and Bihar. |
| In the futures markets, NCDEX September mustard seed is seen testing Rs 353-353 per 20 kg on the upside. Thursday, the contract was quoted at Rs 349.40 per 100 kg, down Rs 1.85 from previous close. |
| Some analysts said repeated rejection of weekly bids for sale of mustard seed by the National Agriculture Marketing Federation is also adding on to the supply crunch already existing in the markets. |
| The apex procurement agency had bought around 2.09 million tonne of mustard seed from farmers during April-June under the central government's price support scheme. |
| Currently, it is selling the mustard seeds through weekly and daily tenders. |
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