MARKET TALK: India Soybean Futures Likely Down; High Stocks

Apr 15 2010 8:48Am

0316 GMT [Dow Jones] India April NCDEX soybean futures likely to open down on high oilseed, vegoil stocks; as of April 1, total edible oil stocks at ports 700,000-800,000 tons, while stocks in pipeline 500,000-600,000 tons. India holding more than 5 million tons of soybean, 7 million tons of rapeseed, 6 million tons of cottonseed, 2 million tons of groundnut for crushing. "Global markets (CBOT, BMD) are steady, hence local weak factors will rule the session today," says Indore-based trader; expects soybean in INR2,010-INR2,055/100 kg, soyoil in INR446-INR452/10 kg band; soybean last closed down 0.3% at INR2,041.50, soyoil 0.4% lower at INR449.75