MUMBAI, July 24 (Reuters) - Indian soybean and soyoil futures were down early Friday on sharp rise in soybean acreage in the last two weeks and higher imports of edible oil, analysts said.
A bearish Malaysian palm also weighed on the prices.
Poor rains in June and early July had pushed down oilseed sowing but good rains over the last ten days prompted large-scale sowing in Madhya Pradesh, where the acreage has now crossed 5 million hectare, same as last year.
India may import a record 8 million tonnes of vegetable oil in the year ending Oct 2009, the Solvent Extractors' Association said last week.
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