June 1, 2009
India soy futures likely down; sowing picks up
India June NCDEX soy contract likely to open down on weak local demand, pickup in crop sowing, says Karvy Comtrade analyst Veeresh Hiremath.
"The sowing, which has started in southern states, is expected to pick up in coming days in Madhya Pradesh as the monsoon progresses," Hiremath says; adding that soymeal demand from Southeast Asian countries has fallen; expects contract to move in INR2,563-INR2,617/100 kg band. It last ended flat at INR2594.50.
