Aug 25 2009 6:06PM
MUMBAI, Aug 25 (Reuters) - Indian October soybean futures ended down on Tuesday under pressure from weak Malaysian palm and expected rains in the growing regions, analysts and traders said.
Good soybean planting in the current June-September sowing season also weighed on the markets late in the session.
Soyoil futures also ended down tracking weakness in Malaysian palm and loss in soyoil on Chicago Board of Trade (CBOT).
However, the September soybean futures ended slightly up on firm buying from mills in south India and central India.
Soybean was sown in 9.45 million hectares in India as on Aug. 20, compared with 9.41 million hectares in the same period last year, the government said in a statement.
Central state of Madhya Pradesh and western state Maharashtra, India's top summer-sown oilseeds producers, are forecast to receive rains in the coming days boosting crop prospect in the region.
Soybean spot prices in Indore rose 1.83 percent to 22,300 rupees per tonne.
"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.
The benchmark November palm oil futures on Bursa Malaysia Derivatives Exchange ended at 2,355 ringgit a tonne, down 0.84 percent.
Palm oil and soybean are related commodities and their prices often move in tandem.
Following are the closing prices of soybean futures <0#nsb:> in rupees per 100 kg, rapeseed futures <0#nrs:> in rupees per 20 and soyoil futures <0#nso:> in rupees per 10 kg, on the NCDEX:
Contract Reuters Code Closing Price Change in %
====================================================
Soybean
Sept 2,334 0.08
Oct 2,258.5 - 0.55
Soyoil
Sept 471.05 - 0.56
Oct 475.90 - 0.28
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