Indian soy futures seen in a range; sowing to weigh

Indian soybean futures may trade in a narrow range with negative bias on Friday (July 10) as large-scale sowing in key producing states may off-set short-covering after a nearly 13-percent decline in about two weeks, analysts said.

Sowing in largest producer Madhya Pradesh is expected to have touched 3.5 million hectares in the current sowing season, raising expectations of normal to better supplies this year despite delay in rains, state government officials said.

Overnight gains in US markets and short-covering after sharp falls in almost two weeks is likely to support market.

August soy contract on the National Commodity and Derivatives Exchange ended down 2.35 percent at Rs2,265 per 100 kg in the previous trading session.