Aug 20 2009 9:40AM
MUMBAI, Aug 20 (Reuters) - Indian soybean futures are likely to open higher on Thursday supported by firm overseas markets and concerns domestic output may fall short of expectations due to patchy rains, analysts said.
U.S. soy futures firmed up 0.4 percent on Thursday on continued Chinese buying and positive sentiment in the grains market as the dollar weakened and crude oil prices surged. See
The September soybean contract on the National Commodity and Derivatives Exchange ended up 0.39 percent at 2,308.5 rupees per 100 kg in the pervious session.
The benchmark October palm oil futures on Bursa Malaysia Derivatives Exchange was at 2,325 ringgit a tonne, up 1.13 percent at 9:28 a.m.
Palm oil and soybean are related commodities and their prices often move in tandem.
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 shows, but there are concerns three weeks of patchy rains at the end of July may trim yields.
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