Indian soy, soyoil futures seen up on CBOT gains

Indian soybean and soyoil futures are seen up on early Monday (June 8) tracking gains on the Chicago Board of Trade (CBOT), but expectations of further progress of monsoon may weigh, analysts said.

US soy prices rose 1 percent to a fresh 9-month high on Monday (June 8), supported by concerns about crop development in the US Midwest and tight supply.

Southwest monsoon has further advanced into some more parts of central Arabian Sea, Karnataka, entire Goa and some parts of the Konkan, India's weather department said on late Sunday (June 7).

The July soy contract on the National Commodity and Derivatives Exchange (NCDEX) at Rs2,634.5 per 100 kilogrammes, down 0.15 percent.

July soyoil ended at Rs493.35 per 10 kilogrammes down 0.13 percent in the previous session.

US$1 = Rs47.561 (June 8)