Indian soy futures extends losses on weak demand

India's soy futures extended last week's losses in early trade on Monday (Feb 1) as weak demand in the spot market amid offloading of the produce by stockists, and weakness in overseas markets continued to hurt sentiment, analysts said.

At 10:33 a.m., the February soy contract NSBG0 on the National Commodity and Derivatives Exchange was down 1.01% at Rs2,048.5 per 100 kg.

India's oilmeal exports slumped 44% to 395,663 tonnes in December from 708,631 tonnes a year earlier, a leading trade body said last month.

US soy fell to a 3-½ month low for a fifth straight day on Friday as the dollar soared, South American crop prospects remained strong and traders voiced fears about losing sales of US soy to China.