Indian soy, soyoil futures may ease on likely rise in oilseed acreage

Indian soybean and soyoil futures may ease on Wednesday (June 3) tailing weakness in overseas markets and on a likely rise in acreage under the oilseed in the ongoing kharif season, analysts said.

US soy and wheat futures sagged nearly 1 percent on Tuesday (June 2) on profit-taking after the fund-buying spree the previous day that drove prices to their highest levels in eight months.

Experts said India's soy acreage may rise for a seventh year in a row to touch 10 million hectares this sowing season on better returns than most crops.

The July soy contract on the National Commodity and Derivatives Exchange (NCDEX) ended at Rs2,638 per 100 kilogrammes up 0.86 percent, while July soyoil ended at Rs500.55 per 10 kilogrammes up 0.83 percent in the previous session.

US$1 = Rs46.910 (June 3)