Indian soy futures seen up on lower area, firm global markets

Indian soy and soyoil futures are likely to open higher on Monday (Jul 20) on lower acreage under oilseeds and firmness in overseas markets, analysts said.

 

As on July 17, Indian farmers had cultivated oilseeds on 10.7 million hectares, down 2.8 percent on year, farm ministry data showed.

 

Concerns deficient rainfall so far over key oilseed growing areas may trim yields will also support the prices, they said.

 

The August soy contract on the National Commodity and Derivatives Exchange ended up one percent at Rs2,294 per 100 kilogramme in the previous trading session.

 

The benchmark October palm oil futures on Bursa Malaysia Derivatives Exchange was up 1.7 percent at MYR2,159 a tonne.

 

US$1 = Rs48.328 (Jul 20)