Indian soy futures drop on weak global market

Indian soy futures fell on Friday (May 7), depressed by a sharp drop in overseas markets and subdued export demand for oilmeal, analysts said.

Soyoil futures shrugged off most of the losses to end steady tracking Malaysian palm oil, while rapeseed edged higher on thin arrivals in spot market, they said.

India's April oilmeal exports slumped 14.35% from a year earlier, falling for the sixth straight month, on low domestic crushing and as a strengthening rupee weakened demand from Vietnam and China, a trade body said.

The May soy contract NSBK0 on the National Commodity and Derivatives Exchange ended down 0.35% at Rs2,011.5 per 100kg, while the May soyoil contract NSOK0 fell 0.15% to Rs447.2 per 10kg.

At the Indore spot market in top producer Madhya Pradesh, soy edged lower by Rs10 to Rs1,954, and soyoil eased by Rs0.65 to Rs445.90.

The benchmark Malaysian July palm oil contract KPOc3 on Bursa Malaysia Derivatives ended 0.16% down at MYR2,519 (US$824.21) a tonne, after dropping as low as MYR2,484 - a level unseen since April 22.

Meanwhile, the May rapeseed contract NRSK0 finished up 0.38% higher at Rs496.85 per 20kg.

In the Jaipur spot market in Rajasthan, the top rapeseed producing state, the price was steady at Rs491.65 per 20kg.

US soy, corn and wheat futures fell in response to uncertainty caused by a suspected trading glitch that saw US stocks plunge 9% in afternoon trade before clawing back some losses.