Indian soy, soyoil futures seen down as sowing peaks

Indian soy and soyoil futures may ease on early Tuesday (July 14) as sowing peaked in key growing states, Madhya Pradesh and Maharashtra, raising hopes of good supplies, but firm Malaysian palm oil may limit losses, analysts said.

Oilseed sowing has peaked in most of the growing states, which is seen improving supplies later in the year.

Sowing of oilseeds in the current season crossed 5.6 million hectare last week, a rise of 58 percent from the previous week's figure. Traders said large-scale sowing is still on in most of the growing states and is likely to ease from next week.

August soy contract on the National Commodity and Derivatives Exchange (NCDEX) eased 0.31 percent at Rs2,250 per 100 kilogrammes in the previous trading session.

Benchmark September palm oil futures on Bursa Malaysia Derivatives Exchange was up 2.31 percent at MYR2,036 a tonne.