September 7, 2009

Indian soy futures opened lower on Monday (Sep 7) tracking a weak Malaysian palm and on better domestic crop prospects, analysts said.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange was down 2.19 percent at Rs1,962.5 per 100 kg.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,155 ringgit a tonne, down 1.91 percent.

Analysts said a better-than-expected domestic crop size may also weigh on the prices.

A Singapore-based trader said on Monday (Sep 7) the Indian soy crop size may be 8.5 million tonnes, better than previous estimate of 7.7 million tonnes.

India produced around 9.9 million tonnes of soy in 2008.