Jun 23 2009 9:24AM
MUMBAI, June 23 (Reuters) - Indian soybean futures may rise on Tuesday, tracking Malaysian palm, however, hopes of higher domestic acreage may trim gains, analysts said.
The July soybean contract on the National Commodity and Derivatives Exchange last ended down 1.42 percent at 2,422 rupees per 100 kg.
At 9:19 a.m, benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange were up 2.18 percent at 2,204 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.
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