Indian soy futures steady on overnight gains

Indian soy futures were steady on Tuesday (Aug 25) as overnight gains on Chicago Board of Trade (CBOT) was off-set by weakness in Malaysian palm and hopes of rains in growing regions, which may boost crop prospects, analysts said.

October soyoil futures eased tracking weakness in Malaysian palm oil.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange was steady at Rs2,271 per 100 kg. October soyoil futures was down 0.14 percent at 476.6 rypees per ten kg.

The oilseed crops in Madhya Pradesh and Maharashtra, the leading summer-sown oilseeds producers, are likely to get rains in the coming days, which may boost crop prospects.

US soy futures on CBOT rose more than 5 percent to one-week top on Monday (Aug 21), lifted by worries about the immaturity of the American crop and ongoing Chinese soy demand, traders said.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at MYR2,360 a tonne, down 0.63 percent.