Tue Dec 8, 2009 10:55am IST
MUMBAI, Dec 8 (Reuters) - India soybean futures extended the previous session's losses on Tuesday morning weighed by weak demand in physical market, analysts said.
At 10:50 a.m., the January soybean contract NSBF0 on the National Commodity and Derivatives Exchange was down 0.16 percent at 2,467 rupees per 100 kg.
The benchmark January palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,549 ringgit a tonne, down 0.39 percent at 10:47 a.m.
Analysts said millers were not buying actively in spot market due to a sharp fall in oilmeal exports. Soybean is crushed to produce soyoil and soymeal.
India's oilmeal exports halved to 346,859 tonnes in November, its first monthly fall in three months, as soymeal prices rose following a poor oilseed crop and as shipments to Vietnam, Japan and China fell, a trade body said on Dec. 4.
The losses were capped by thin arrivals and estimate of lower output, they said.
The Central Organisation for Oil Industry and Trade said India's output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soybean production.
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