MUMBAI, Sept 15 | Wed Sep 15, 2010 9:21am IST
India's soybean futures are likely to edge higher on Wednesday after shedding over 3 percent in the past two days as an improvement in meal exports may lead to lower-level buying, analysts said.
Rapeseed and soyoil may open flat with a negative bias due to a record high edible oil imports in August and tracking weakness in palm oil, they said. Hope of higher output of summer-sown oilseeds will weigh on the prices, they added.
At 9:00 a.m., Malaysian crude palm oil futures were trading 0.3 percent lower.
October soybean NSBV0 on India's National Commodity and Derivatives Exchange (NCDEX) ended 1.73 percent lower at 2,013 rupees per 100 kg on Tuesday, while October soyoil NSOV0 fell 1.35 percent to 483.5 rupees per 10 kg.
India imported a record 1.06 million tonnes of vegetable oils in August as buyers rebuilt depleted stocks ahead of the festival season, a leading trade body said on Tuesday.
Rapeseed NRSV0 for October delivery eased 0.69 percent to 542.35 rupees per 20 kg.
The country's oilmeal exports in August rose 14 percent from a year earlier, its second straight monthly rise, owing to higher demand from traditional buyers in Japan and China, data from a trade body showed.
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.
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