Indian soy, soyoil futures fall on hopes of monsoon rains

Indian soy and soyoil futures fell in early trade on Tuesday (May 26) on hopes the early arrival of monsoon rains may boost planting and supplies, analysts said.

Analysts added that weakness in Malaysian palm oil and sluggish spot demand also weighed on the markets.

July soy contract on the National Commodity and Derivatives Exchange (NCDEX) fell 0.64 percent to Rs2,552 per 100 kilogrammes.

July soyoil contract fell 0.27 percent to Rs481.35 per 10 kilogrammes. The contract had earlier hit a new low of Rs479.

Annual monsoon rains, vital for crops like soy and rice, hit the country's southern coast more than a week in advance on Saturday (May 23), raising hopes of early sowing of the kharif crops and faster supplies in the spot market.

US$1 = Rs47.669 (May 26)