Indian soy, soyoil futures seen to extend loss onset of rain

Indian soybean and soyoil futures may extend the previous session's losses on Tuesday (Sep 1) on good rains in growing areas in last few days and on weakness in overseas markets, analysts said.

Rains since last week and forecast of more rains in the growing states of Madhya Pradesh, Maharashtra, Andhra Pradesh and Gujarat have raised expectations of good crop later in the year, depressing spot demand.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange ended down 1.77 percent at Rs2,141 per 100 kg in the previous session.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at MYR2,315 a tonne, down 2.32 percent.

Palm oil and soy are related commodities and their prices often move in tandem, but bargain-buying driven by festive demand may limit the downside, they said.

US$1 = Rs48.812 (Sep 1)