Aug 14 2009 3:13PM
MUMBAI, Aug 14 (Reuters) - Indian soybean futures were lower on Friday afternoon tracking weakness in Malaysian palm and rising domestic acreage, analysts said.
"Soybean futures are forecast to trade on a negative note during the day tracking weakness in overseas market and reacting to a fall in oil meal export data," Karvy Comtrade Ltd said in a broker note.
Indian farmers have planted soybean on 9.37 million hectares so far, compared with 9.13 million in the corresponding period last year, government data showed late on Monday.
At 3:07 p.m, the September soybean contract on the National Commodity and Derivatives Exchange was down 0.90 percent at 2,376 rupees per 100 kg.
The benchmark October palm oil futures on Bursa Malaysia Derivatives Exchange was at 2,480 ringgit a tonne, down 1.39 percent at 3:07 p.m.
Palm oil and soybean are related commodities and their prices often move in tandem.
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