March 5, 2009

India soy and rapeseed futures are expected to be slightly up in early trades on Wednesday (Mar 4) tracking a similar trend overseas, analysts said.

Analysts also said increasing rapeseed arrivals in India may drag prices down later.

Traders said arrivals of India's main winter oilseed crop rose to 300,000 bags of 85 kilogrammes each on Monday (Mar 2) compared with about 100,000 bags two weeks ago.

Analysts added that the market expects a good rapeseed crop of about 6.5 million tonnes this year.

US soy futures were largely unchanged on Wednesday after recovering from a two and a half month low on uncertainty over supplies from Argentina, the world's third largest exporter of the oilseed.

April soy NSBJ9 on the National Commodity and Derivatives Exchange rose 0.44 percent to Rp2,277 per 100 kilogrammes in the previous trading session, while April soyoil NSOJ9 rose 1.42 percent to Rp445.65 per 10 kilogrammes.