Jun 22 2009 3:00PM
MUMBAI, June 22 (Reuters) - Indian soybean futures erased almost all the day's gains on Monday afternoon as sharp fall in Malaysian palm prices and advance in monsoon offset the upward bias from lower oilseeds sowing so far this year, analysts said.
At 2:43 p.m, the August soybean contract on the National Commodity and Derivatives Exchange edged up 0.04 percent at 2,484 rupees per 100 kg, while August rapeseed futures was rose 0.64 percent to 530.5 rupees per 20 kg.
August soybean futures had risen as much as 1.25 percent earlier on Monday.
A steady spot demand also supported prices.
As per latest government figures oilseeds including soybean were sown over 0.41 million hectares, down over 17.5 percent from 0.5 million hectares sown in the corresponding period last year.
But, a fall in Malaysian palm prices and recovery in monsoon weighed on the markets.
At 2:45 p.m, benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange tumbled 4.16 percent at 2,190 ringgit a tonne.
India's annual monsoon rains, crucial for soybean planting, is expected to cover the top growing states of Maharashtra and Madhya Pradesh by first week of July, the weather department said last week.
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