February 16, 2009
India soy output seen to drop 17.5 percent in 2008/09
India's soy output in the crop year ending September 2009 is seen down by 17.5 percent compared to the previous year, the government said on Thursday (Feb 12).
The government said total soy output is expected to touch 9.05 million tonnes, down from a revised 10.97 million tonnes produced in 2007/08.
The output is also below the government's previous estimate of 9.94 million tonnes released in September 2008.
Analysts said India soy futures rose on Friday (Feb 13) on expectations of lower soy output in the crop year.
The market was underpinned by poor climatic conditions in Argentina, the world's third largest producer.
March soy NSBH9 on the National Commodity and Derivatives Exchange was at Rp2,370 per 100 kilogrammes, up 0.79 percent.
Soy prices in the spot market in central city of Nagpur fell sharply by 4.55 percent to Rp21,000 per tonne.
US$1 = Rp48.54 (Feb 16)
