Indian soy futures lower on weak soymeal exports, US soy

Indian soy futures opened lower on Thursday (July 9) tracking a fall in exports of soymeal and weak US soybean, while shrugging off a drop in domestic acreage, analysts said.

July soy contract on the National Commodity and Derivatives Exchange (NCDEX) was down 2.25 percent at Rs2,219 per 100 kg.

Indian oilmeal exports slumped an annual 33 percent in June, dropping for the sixth straight month, due to lower demand and prices in traditional Asian markets although sales to China soared.

US soy futures fell almost 2 percent on Thursday, sliding for a fifth straight session to their lowest level in more than two months, on long liquidation by funds amid concerns about the pace of economic recovery.

As on July 3, India's soy acreage was down 29.3 percent to 1.42 million hectares, compared with the same period last year, farm ministry data showed.

US$1 = Rs48.852 (July 9)