Saturday, February 6, 2010

India soybean extends losses on tepid demand


Fri Feb 5, 2010 11:36am IST
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MUMBAI, Feb 5 (Reuters) - India's soybean futures extended the previous day's losses in early trade on Friday, tracking weak overseas leads and sluggish spot demand due to weak meal exports, analysts said.

At 10:51 a.m., the March contract NSBH0 on the National Commodity and Derivatives Exchange was down 0.31 percent at 2,090 rupees per 100 kg.

The benchmark March palm contract KPOc3 on the Bursa Malaysia Derivatives Exchange eased 0.04 percent to 2,509 ringgit per tonne by mid-day break.

India's oilmeal exports slumped 44 percent to 395,663 tonnes in December from 708,631 tonnes a year earlier, the Solvent Extractors' Association of India said last month. See [ID:nBMA006705]

The market is seeking cues from January meal export figures, which the trade body is set to release on Friday afternoon.

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