India soy futures fall on profit-taking, further fall expected

Indian soy futures fell Thursday (Apr 23) on profit-taking after contracts hit record highs early this week, but expectation of a further fall in soy output in Argentina limited the losses.

June soy contract on the National Commodity and Derivatives Exchange (NCDEX) fell 1.01 percent to Rp2,834 per 100 kilogrammes. The contract has risen nearly 23 percent in April.

June soyoil contract was at Rp513.9 per 10 kilogrammes, down 0.89 percent, while June rapeseed contract fell 0.8 percent to Rp542.45 per 20 kilogrammes.

However, losses were limited on expectation of lower soy output in Argentina, a key producer.

The Buenos Aires Grains Exchange on Wednesday (Apr 22) lowered its estimate of Argentina's 2008-09 soy harvest to 36.2 million tonnes from 37 million earlier.

Argentina is the world's third top soy exporter and last year its farmers gathered a healthy 46.2 million tonnes, according to government figures, but this year's campaign has been plagued by dry weather in growing regions.