India soy futures rise on delayed sowing in key states

Indian August soy futures were up on early Tuesday (June 30) tracking a delay in sowing of the oilseed in a key growing state and on firmness in overseas markets, analysts said.

Soy cultivation has been delayed by almost a fortnight in Maharashtra, the second biggest producer, due to deficient rainfall and sowing is likely to be delayed by at least one week in Madhya Pradesh, the largest producer.

August soy contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0.53 percent at Rs2,537 per 100 kilogrammes after falling more than 2 percent in last two sessions.

The soyoil August contract was up 0.35 percent at Rs489.8 per 10 kg.

The benchmark September palm oil futures contract on Bursa Malaysia Derivatives Exchange edged up 0.04 percent at MYR2,263 a tonne.

Gains may be limited as the progress of monsoon over the growing regions has brightened chances of large-scale sowing in the coming days.

US$1 = Rs47.969 (June 30)