India soybean futures lower on higher acreage hopes

Jun 23 2009 10:44AM

MUMBAI, June 23 (Reuters) - Indian soybean futures were lower in early trade on Tuesday, on hopes of higher domestic acreage, however, firm Malayasian palm limited losses, analysts said.

At 10:37 a.m, July soybean contract on the National Commodity and Derivatives Exchange was down 0.29 percent at 2,415 rupees per 100 kg.

At 10:37 a.m, benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange were up 2.46 percent at 2,210 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 for a seventh year in a row to touch 10 million hectares (24.71 million acres) this sowing season on better returns than most competing crops, experts said.