MUMBAI, Sept 3 | Fri Sep 3, 2010 9:29am IST
(Reuters) - Indian soyoil futures are likely to break a four-day losing streak on Friday on bargain-buying driven by firmness in palm oil and hopes the festival season will lift demand for edible oils, analysts said.
Futures were weak in past four days on higher supplies due to increased imports and a rise in soybean crushing.
Soybean and rapeseed are likely to tread water in early trade as expectations of a rise in meal exports in the coming months seen offsetting a surge in arrivals of soybean and estimates of bumper crop of summer-sown oilseeds, they said.
Malaysian palm oil futures KPOc3 were up 0.67 percent at 9:14 a.m.
September soyoil NSOU0 on National Commodity and Derivatives Exchange (NCDEX) ended down 0.85 percent at 480.4 rupees per 10 kg on Thursday.
Demand for edible oils usually goes up in India during Aug-Nov due to festivals such as Diwali.
Soybean farmers in Madhya Pradesh and Maharashtra, top producing states in India, have been selling stocks from last year's crop before arrivals from the current season hit the market from October onwards.
September soybean NSBU0 on NCDEX fell 0.84 percent to 2,017.5 rupees per 100 kg, while rapeseed NRSU0 for September delivery dropped 0.72 percent to 527.45 rupees per 20 kg.
As on Aug. 26, area under oilseeds in the world's biggest edible oil importer stood at 16.59 million hectares, compared with 15.92 million hectares a year ago, farm ministry data showed.
India is likely to export more than 400,000 tonnes of soymeal in Sept-Nov due to strong demand from Asian countries and lower bean prices
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