Jun 30 2009 10:56AM
MUMBAI, June 30 (Reuters) - Indian August soybean futures were up on early Tuesday tracking a delay in sowing of the oilseed in a key growing state and on firmness in overseas markets, analysts said.
Soybean cultivation has been delayed by almost a fortnight in Maharashtra, the second biggest producer, due to deficient rainfall and sowing is likely to be delayed by at least one week in Madhya Pradesh, the largest producer.
At 10:40 p.m, the August soybean contract on the National Commodity and Derivatives Exchange was up 0.53 percent at 2,537 rupees per 100 kg after falling more than 2 percent in last two sessions.
The soyoil August contract was up 0.35 percent at 489.8 rupees per 10 kg.
At 10:41 a.m, the benchmark September palm oil futures contract on Bursa Malaysia Derivatives Exchange edged up 0.04 percent at 2,263 ringgit a tonne.
Local soybean prices are often influenced by Malaysian palm, which is used as a substitute for soyoil, made by crushing the oilseed.
Gains may be limited as the progress of monsoon over the growing regions has brightened chances of large-scale sowing in the coming days.
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