Indian soy futures extend loss after trading up, rains expected

Indian soy futures extended losses after trading up for half hour on Friday morning on expectations of normal monsoon rains, which are crucial for soy planting, analysts said.

Analysts also added that expectation of higher supplies in the spot market also weighed.

The benchmark July soy contract on the National Commodity and Derivatives Exchange (NCDEX) fell 0.29 percent to Rs2,615.5 per 100 kilogrammes.

The benchmark July soyoil contract was almost steady at Rs490.5 per 10 kilogrammes.

November soy futures on CBOT extended overnight gains and was up 0.54 percent at US$10.29 a bushel during electronic trade on Friday (May 22).

US$1 = Rs47.206 (May 22)