India soy, rapeseed futures remains low on profit-taking

Indian soy, rapeseed and soyoil futures were down for second day on Friday (Apr 24) on profit-taking after sharp gains in April, analysts said.

But expectation of firm demand in the spot market on lower global supplies due to an expected fall in Argentine crop, limited the losses.

June soy contract on the National Commodity and Derivatives Exchange (NCDEX) fell 1.37 percent to Rp2,807.5 per 100 kilogrammes. The contract has risen nearly 23 percent in April.

June soyoil contract was at Rp515.95 per 10 kilogrammes, down 1.16 percent, while June rapeseed contract fell 0.65 percent to Rp539.1 per 20 kilogrammes.

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

Analysts said the expected fall may push up demand in the spot market.

US$1 = Rp49.861 (Apr 24)