Aug 25 2009 2:42PM
MUMBAI, Aug 25 (Reuters) - Indian far-month soybean and soyoil futures fell on Tuesday afternoon under pressure from weak Malaysian palm and expected rains in growing regions, analysts and traders said.
However, the losses were limited on firm buying from mills in south India and central India.
At 2:38 p.m., the October soybean contract on the National Commodity and Derivatives Exchange was down 0.31 percent at 2,264 rupees per 100 kg. October soyoil futures eased 0.05 percent to 477 rupees per 10 kg.
"Spot buying has surged as mills buy to meet edible oil demand during festivals from August to October," a trader in central-city of Indore, a trading hub, said.
Soybean spot prices in Indore rose 1.83 percent to 22,300 rupees per tonne.
The crops in Madhya Pradesh and Maharashtra, leading summer-sown oilseeds producers, are likely to get rains in the coming days, boosting crop prospects.
The benchmark November palm oil futures on Bursa Malaysia Derivatives Exchange was at 2,343 ringgit a tonne, down 1.35 percent at 2:39 p.m.
Palm oil and soybean are related commodities and their prices often move in tandem
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