August 20, 2009

 

India soy opens up on output woes, global cues

 

 

Indian soy futures opened higher on Thursday (Aug 20) supported by firm overseas markets and concerns domestic output may fall short of expectations due to patchy rains, analysts said.

 

US soy futures firmed up 0.4 percent on Thursday on continued Chinese buying and positive sentiment in the grains market as the dollar weakened and crude oil prices surged.

 

September soy contract on the National Commodity and Derivatives Exchange was up 0.06 percent at Rs2,310 per 100 kg.

 

The benchmark October palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,330 ringgit a tonne, up 1.35 percent.

 

Indian farmers so far have planted soy on 9.37 million hectares, compared with 9.13 million in the corresponding period last year, government data shows, but there are concerns three weeks of patchy rains at the end of July may trim yields.