Jun 26 2009 9:21AM
MUMBAI, June 26 (Reuters) - Indian soybean futures may fall on Friday, tracking Malaysian palm and hopes of a higher acreage, however, a below average monsoon forecast may trim losses, analysts said.
Earth Sciences Minister Prithviraj Chavan told a news conference on Wednesday that the 2009 monsoon rainfall would be 93 percent of the long-term average, lower than an earlier forecast of 96 percent.
The July soybean contract on the National Commodity and Derivatives Exchange last ended up 0.62 percent at 2,516.5 rupees per 100 kg.
At 9:16 a.m, benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange were down 0.98 percent at 2,313 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.
However, hopes of higher acreage and profit-taking may trim gains, analysts said.
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.
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