Aug 18 2009 10:50AM
MUMBAI, Aug 18 (Reuters) - Indian soybean futures edged up on Tuesday morning tracking firm overseas markets, but higher oilseed acreage and forecast of rains limited the gains, analysts said.
U.S. soybean rose more than 1 percent on Tuesday, regaining some ground after sliding to a four-week low. See [nSP476154]
The benchmark October palm oil futures on Bursa Malaysia Derivatives Exchange was at 2,370 ringgit a tonne, up 1.5 percent at 10:48 a.m.
Palm oil and soybean are related commodities and their prices often move in tandem.
At 10:48 a.m., the September soybean contract on the National Commodity and Derivatives Exchange was up 0.83 percent at 2,320.5 rupees per 100 kg.
Indian farmers so far have planted soybean on 9.37 million hectares, compared with 9.13 million in the corresponding period last year, government data showed last week.
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