Indian soy, soyoil futures seen higher on subdued monsoon

Indian soybean and soyoil futures may open slightly higher on Wednesday supported by a subdued monsoon, and modest gains in Malaysian palm, analysts said.

Indian Meteorological Department said that current meteorological analysis and numerical weather prediction models suggest subdued monsoon activity during next three days.

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, experts said.

The July soy contract on the National Commodity and Derivatives Exchange closed at Rs2,619.5 per 100 kilogrammes, down 0.08 percent in the previous session.

July soyoil ended at Rs487.75 per 10 kilogrammes, up 0.26 percent in the previous session.

US$1 = Rs47.246 (June 10)