India soy and rapeseed futures down on global cues

India soy and rapeseed futures were down in early trade on Friday (Mar 27), tracking overseas losses but an ongoing strike by Argentine farmers protesting against soy taxes limited the losses, analysts said.

Expectations of a boost to global supplies after flooding in northern US raised hopes of soy planting and talk of the Chinese government releasing 1 million tonnes soy into the domestic market weighed on the prices.

May soy on the National Commodity and Derivatives Exchange eased 0.36 percent to Rs2,353 per 100 kilogrammes, while rapeseed June futures was down 0.4 percent at Rs465.8 per 20 kilogrammes.

According to experts, flooding in northern US may prompt farmers to cut spring wheat plantings and instead sow soy which can be sown as late as early June, experts said.

Analysts said that a rise in soy acreage in US, the largest producer, may boost global supplies.

Analysts also said US soy futures closed lower on Thursday (Mar 26), but ongoing farmers' strike in Argentina limited the losses.

Traders in the main grains market in Rosario said no deals were done as a result of a week-long commercial strike by farmers that have paralyzed grains market.