Indian soy futures seen extending gains

Soy futures in India may extend previous day's gains on Tuesday (Jan 5) supported by firm overseas markets, but sagging demand for oilmeal from millers on falling exports could limit the upside.

According to analysts, the January soy NSBF0 on the National Commodity and Derivatives Exchange ended at Rs2,402 (US$51.99) per 100 kg, up 0.65% on Monday.

The benchmark March contract KPOc3 on the Bursa Malaysia Derivatives Exchange rose 0.56% to MYR2,695 (US$794.74) per tonne earlier.

India's oilmeal exports halved to 346,859 tonnes in November, its first monthly fall in three months, as soymeal prices rose following a poor oilseed crop and as shipments to Vietnam, Japan and China fell.