India soy futures extends losses on poor demand

India soy futures extended the previous day's losses on Tuesday (Jan 12) on sluggish domestic demand on falling meal exports, analysts said.

The February soy contract NSBG0 on the National Commodity and Derivatives Exchange was down 0.17% at Rs2,284 (US$50.21) per 100 kilogrammes earlier.

Indian millers say since oil and meal do not command good prices, processing soybean is economically unviable.

India's oilmeal exports slumped 44% to 395,663 tonnes in December from 708,631 tonnes a year earlier, a leading trade body said last week.