India soy futures up on lower sowing, firm spot hopes

Indian soy futures rose after opening weak on Monday (June 22) morning tracking lower oilseeds acreage in the ongoing sowing season and expectation of good spot demand after a week's lull, analysts said.

Analysts also said soyoil futures also rose on expectation of higher spot demand.

August soy contract on the National Commodity and Derivatives Exchange (NCDEX) was up 1.09 percent at Rs2,510 per 100 kilogrammes, while August soyoil was up 0.68 percent at Rs482.15 per 10 kilogrammes.

As per latest government figures, oilseeds including soy were sown over 0.41 million hectares, down over 17.5 percent from 0.5 million hectares sown in the corresponding period last year.

However, a fall in Malaysian palm prices and recovery in monsoon weighed on the markets.

The benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange were down 1.97 percent at MYR2,240 a tonne.

US$1 = Rs48.427 (June 22)