Indian soy futures open up on firm overseas markets

India's soy futures were trading higher in early trade tracking overseas leads, but weak domestic spot demand on falling meal exports limited the upside, analysts said.

The February soy contract NSBG0 on the National Commodity and Derivatives Exchange was up 0.75% at Rs2,272 per 100kg.

The benchmark March contract KPOc3 on the Bursa Malaysia Derivatives Exchange was trading 0.52% higher at MYR2,523 per tonne.

Indian millers say since oil and meal do not command good prices, processing soy is economically unviable, leading to sluggish demand for the oilseed in the spot market.

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