July 15, 2009
India soy, soyoil seen up on short-covering
Indian soy and soyoil futures may edge up for a second consecutive session on Wednesday (July 15) on short-covering after an over-13 percent fall in two weeks and tracking firm Malaysian palm oil, analysts said.
However, large-scale sowing in growing regions may weigh on the markets, they added.
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 hectares last week, a rise of 58 percent from the previous week's figure. Large-scale sowing is still on in most of the growing states and is likely to ease from next week, traders said.
The August soy contract NSBQ9 on the National Commodity and Derivatives Exchange ended up 1.24 percent at 2,278 rupees per 100 kg in the previous trading session.
Benchmark September palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was up 3 percent at 2,097 ringgit a tonne at 9:33 a.m.
