Indian soy futures edge down on early profit-taking

Indian soy futures edged down on Monday (Nov 9) morning as profit-taking offset an expected drop in summer-sown oilseed harvest and a rebound in overseas market, analysts said.

The December soy contract NSBZ9 on the National Commodity and Derivatives Exchange was down 0.45 percent at Rs2,328 per 100 kg.

US soy futures rose 0.8 percent on Monday as dollar weakness prompted fresh investor buying, but forecasts for another week of dry weather in the US Midwest capped gains.

The Central Organisation for Oil Industry and Trade (COOIT) said India's output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soy production.

Good demand for the Indian oilmeal also supported prices, they added.

India's oilmeal exports doubled year-on-year in October, rising for the second straight month, due to a revival of feedstock demand from countries such as China, Vietnam and South Korea, a leading trade body said on Thursday (Nov 5).

US$1 = Rs46.52 (Nov 9)