MUMBAI, Sept 13 | Mon Sep 13, 2010 9:48am IST
(Reuters) - Indian oilseed and soyoil futures are likely to open steady with a negative bias on Monday as expectations of better output of summer-sown oilseeds may outweigh a rise in export demand for oilmeal, analysts said.
Traders will keep an eye on rains in soybean-growing areas as fresh showers now can hurt the crop, they said.
Heavy rains over India's key cotton and soybean growing areas in the past three weeks are set to delay harvesting of crops and could even trim yields in a few pockets, industry officials said.
The October soyoil NSOV0 on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.9 percent at 490.55 rupees per 10 kg in the previous session.
October soybean NSBV0 on NCDEX fell 0.41 percent to 2,080.5 rupees per 100 kg, while rapeseed NRSV0 for October delivery eased 0.85 percent to 544 rupees per 20 kg.
The country's oilmeal exports in August rose 14 percent from a year earlier, its second straight monthly rise, on higher demand from traditional buyers in Japan and China, data from a trade body showed on Tuesday.
India's soybean output in 2010/11 is likely to top last year's and meal exports from the new crop are likely to rise significantly as lower bean prices are seen giving edge to Indian exporters, a senior industry official said.
No comments:
Post a Comment