MUMBAI, July 9 (Reuters) - Indian soybean futures may trade higher on Thursday tracking firm Malaysian palm and a sharp drop in domestic acreage, analysts said.
As on July 3, India's soybean acreage was down 29.3 percent to 1.42 million hectares, compared with the same period last year, farm ministry data showed. (here)
The July soybean contract NSBN9 on the National Commodity and Derivatives Exchange ended down 3.99 percent at 2,270 rupees per 100 kg in the previous trading session.
At 9:12 a.m., the benchmark September palm oil futures contract KPOc3 on Bursa Malaysia Derivatives Exchange was up 0.95 percent at 2,021 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.
Hopes of slowing edible oil imports may also support the futures, analysts said.
India's June edible oil imports may fall 4 percent from May, registering their first monthly fall since March, while annual growth is likely to slow to 21 percent, a Reuters poll of traders showed. See [ID:nDEL242501]
However, falling exports of soymeal may trim gains, analysts said.
Indian oilmeal exports slumped an annual 33 percent in June, dropping for the sixth straight month, due to lower demand and prices in traditional Asian markets although sales to China soared.
No comments:
Post a Comment