MUMBAI, Sept 2 (Reuters) - Indian October soybean resumed its falling streak on Wednesday afternoon, after ending up in the previous session, under pressure from losses in Malaysian palm and weak spot demand, analysts said.
Soyoil futures also fell on weak Malaysian palm and subdued spot demand.
The soybean contract had fallen over 6 percent in eight sessions to Monday before ending up on Tuesday.
Rains over past one week in the oilseeds growing states have raised crop expectations and lowered spot demand, they added.
At 2:40 p.m., the October soybean contract NSBV9 on the National Commodity and Derivatives Exchange was down 1.63 percent at 2,136 rupees per 100 kg, while October soyoil NSOV9 fell 1.05 percent to 458.9 rupees per ten kg.
Soybean spot prices in the central city of Indore, a hub, fell 2.86 percent to 20,400 rupees per tonne. The prices in the spot have fallen more than 5 percent in last two sessions.
Spot soyoil prices fell 0.93 percent to 42,600 rupees per tonne.
Rains through last week, and forecast of more rains in the growing states, have raised expectations of a good kharif crop.
The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,248 ringgit a tonne, down 2.39 percent at 2:43 p.m.
Palm oil and soybean are related commodities and their prices often move in tandem.
Weakness in the U.S. market also weighed on Indian prices.
The November soybean contract SX9 and October soyoil contract BOV9 on the Chicago Board of Trade (CBOT) were down during the electronic trade on Wednesday.
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