Jun 24 2009 11:39AM
MUMBAI, June 24 (Reuters) - Indian soybean and soyoil futures fell on Wednesday morning, tracking weakness in Malaysian palm oil and on expectation advancement of monsoon may support sowing and boost supply, analysts said.
At 11:20 a.m, August soybean contract on the National Commodity and Derivatives Exchange was down 0.28 percent at 2,456 rupees per 100 kg, while August soyoil was down 0.15 percent at 480.3 rupees per ten kg.
As per latest forecast by India's weather office, conditions were favourable for further advance of monsoon over some parts of Gujarat, some more parts of Maharashtra including Mumbai, remaining parts of Karnataka during next 1-2 days.
Maharashtra is the country's second biggest producer of soyabean, while Gujarat and Karnataka grow groundnuts, a substitute oilseed.
At 11:22 a.m, benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange was down 1.27 percent at 2,257 ringgit a tonne.
Local soybean prices are often influenced by Malaysian palm, which is used a substitute for soyoil, made by crushing the oilseed.
India's soybean acreage may rise to touch a record 10 million hectares this sowing season on better returns than most competing crops, experts said.
No comments:
Post a Comment