February 13, 2009

India soy and rapeseed futures fell on Thursday (Feb 12) tracking falls in the spot market and expected rise in output of winter-sown oilseeds, which includes rapeseed, analysts and a trader said.

March soy NSBH9 on the National Commodity and Derivatives Exchange was at Rp2,339 per 100 kilogrammes, down 1.43 percent.

Soy prices in the spot market in central city of Nagpur fell sharply by 4.55 percent to Rp21,000 per tonne.

May rapeseed NRSK9 was down 1.39 percent at Rp446.05 per 20 kilogrammes.

Industry estimates Indian rapeseed output, which was less than 5 million tonnes in 2007/08, may touch 6.5 million tonnes in the current crop year.

A trader in Nagpur, a hub for soy trade in India, said the rapeseed arrivals have already begun, which is impacting the prices of the oilseeds.

Rapeseed arrivals in Rajasthan, India's top producer crossed 70,000 bags of about 85 kilogrammes each, higher than over 50,000 bags on Wednesday (Feb 11).

US$1 = Rp48.52 (Feb 13)