Indian soy futures edge up on firm global markets

Soy futures in India edged higher in early trade today, helped by firm overseas markets, but weak demand in domestic markets due to falling meal exports checked the upside, analysts said.

The February soy NSBG0 on the National Commodity and Derivatives Exchange was up 0.23% at Rs2,401 (US$52) per 100 kg.

The benchmark March contract KPOc3 on the Bursa Malaysia Derivatives Exchange rose 1.45% to MYR2,721 (US$802) per tonne earlier.

US soy futures rose in early trade on Wednesday. India's oilmeal exports halved to 346,859 tonnes in November, its first monthly fall in three months, as soymeal prices rose following a poor oilseed crop and as shipments to Vietnam, Japan and China fell.