May 12, 2009
Indian soy, soyoil edge up on lower output estimates
Indian soy and soyoil futures rose in early trade on lower soy output estimates in the year ending September 2009 and tracking a firm Malaysian palm oil, analysts said.
June soy contract on the National Commodity and Derivatives Exchange (NCDEX) rose 0.52 percent to Rs2,714 per 100 kilogrammes.
June soyoil contract was at Rs508.85 per 10 kilogrammes, up 0.28 percent.
India's soy output may drop to 8.2 million tonnes in the year ending September 2009, down more than a fifth from early estimates, as lower rainfall trimmed yields in producing areas, a top trade official said.
However, some traders may square off their positions ahead of a crucial US Department of Agriculture (USDA) report on world supply and demand expected late on Tuesday (May 12).
US$1 = Rs49.332 (May 12)
