September 4, 2009

Indian soy futures erased early gains to ease by Thursday (Sep 3) as continuous rains in the oilseeds growing regions pushed up expectations of good supplies, dampening spot demand, analysts said.

However, soyoil prices edged up on firm spot buying and gains in Malaysian palm futures.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange eased 0.07 percent to Rs2,137 per 100 kg, extending its more-than-six percent fall in the last nine sessions.

October soyoil NSOV9 rose 0.23 percent to Rs460.25 per ten kg.

Weather department early on Thursday forecast more rains in the oilseeds growing states in India, which may boost supplies later in the year.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at MYR2,251 a tonne, up 0.27 percent.

US$1 = Rs48.849 (Sep 4)