Indian soy futures fall on weak demand and global market

India's soy futures fell on Thursday (Feb 4) afternoon after gaining over 3% in the past three sessions as overnight losses in the US market and poor meal exports depressed sentiment, analysts said.

"Soy prices are expected to trade lower on poor export demand for domestic soy meal and favourable weather in Argentina for soy crop," Angel Commodities Broking Pvt Ltd. said.

At 2:18 p.m., the February contract NSBG0 on the National Commodity and Derivatives Exchange was down 0.75% at Rs2,118.5 (US$45.82) per 100 kg.

US March soy SH0 finished down 17-½ cents, or 1.9%, at US$9.08 a bushel after analytics firm Informa Economics raised its estimates of 2009-10 South American production, adding to concerns about hefty global supplies.

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