India soy futures seen up on US soy, rain delay

Indian soy futures may open higher on Wednesday (June 17), tracking gains in US soy prices and delay in monsoon progress, but hopes of higher acreage may trim gains, analysts said.

The July soy contract on the National Commodity and Derivatives Exchange (NCDEX) ended down 0.52 percent at Rs2,572 per 100 kilogrammes.

July soy futures on the Chicago Board of Trade (CBOT) rose 0.5 percent to US$12.07-½ a bushel after rising 4-¼ cents on Tuesday (June 16), held up by USDA's outlook for stocks to hit a 32-year low by the end of marketing season on August 31.

India Meteorological Department said that India's south-west monsoon has been stalled since June 7 and is likely to revive only around June 20.

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.

US$1 = Rs47.886 (June 17)