August 21, 2009
India soy futures down on fresh showers, global cues
Indian soy futures fell on Friday (Aug 21) tracking weakness in overseas markets and on hopes last week rainfall may provide some relief to water starved crop, analysts said.
Soy producing regions received patchy rains in last three weeks of July, leading to concerns about yields, but improved monsoon activity in the last fortnight may reduce some damage, they said.
September soy contract NSBU9 on the National Commodity and Derivatives Exchange was down 1.21 percent at Rs2,281 per 100 kg.
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 showed.
The benchmark October palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at MYR2,240 a tonne, down 2.65 percent.
US$1 = Rs48.713 (Aug 21)
