January 21, 2009

India soy futures recovered from early losses on Tuesday (Jan 20) afternoon on fresh buying sparked by expectations that India may tax crude palm oil imports, analysts and a trader said.

March soy on National Commodity and Derivatives Exchange was up 0.24 percent at 2,276 rupees per 100 kilogrammes.

Prices in the spot market in Indore, a hub for soy trade in India, fell 0.45 percent to 22,200 rupees per tonne.

The market had earlier fallen on weakness in Malaysian palm oil futures and a sharp dip in crude oil prices.