Indian soy futures seen up on firm overseas markets

Indian soy futures are likely to open up on Monday (Oct 12) supported by firm overseas markets and a delay in arrivals as rains disrupted harvesting process in growing regions, analysts said.

US corn futures gained more than 1.5 percent and soy added nearly 1 percent on Monday as the dollar weakened and concerns grew that adverse weather could harm soy and corn crops in the US before harvesting.

The benchmark December palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at MYR2,126 a tonne, up 1.97 percent.

The October soy contract NSBV9 on the National Commodity and Derivatives Exchange ended at Rs2,048 per 100 kg in the previous session.

However, a likely rise in arrivals in next fortnight may weigh on prices, they added.