MUMBAI, July 7 (Reuters) - Indian soybean futures were lower on Tuesday tracking weakness in Malaysian palm oil while ignoring a sharp drop in domestic acreage of the oilseed, analysts said.
As on July 3, India's soybean acreage was down 29.3 percent to 1.42 million hecatres compared with the same period last year, farm ministry data showed.
(http://pib.nic.in/archieve/others/2009/jul/r20090706001.pdf)
At 11:04 a.m, July soybean contract on the National Commodity and Derivatives Exchange was down 1.64 percent at 2,336 rupees per 100 kg.
At 11:04 a.m., the benchmark September palm oil futures contract on Bursa Malaysia Derivatives Exchange was down 1.36 percent at 2,100 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.
Soybean sowing has been dismal this season on a delayed monsoon spread into Madhya Pradesh and Maharashtra, the country's top two producers, analysts said.
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