February 24, 2010

Indian oilseeds, soyoil futures end lower on weak exports

India's oilseeds and soyoil futures ended lower in choppy trade on Tuesday (Feb 23) tracking volatility in the US and Malaysian markets and depressed by weak meal exports, analysts said.

"Futures were tracking US market. On domestic front, demand is still weak," said an analyst at Religare Commodities Ltd.

The US March soy futures SH0 were 0.1% higher at US$9.62 a bushel.

The March soy contract NSBH0 on the National Commodity and Derivatives Exchange ended down 0.24% at Rs2,117.5 per 100 kg, while March soyoil NSOH0 finished 0.75% lower at Rs461.05 per 10 kg.

The April rapeseed NRSJ0 contract ended down 0.57% at Rs471.85 per 20 kg.

In afternoon trade oilseed and soyoil futures were trading higher on lower-level buying, analysts said.

Malaysia's palm oil futures edged up on Tuesday, giving up much of the day's earlier gains as investors locked in profit in late trade, traders said.

Meanwhile, India's January oilmeal exports slumped 32% from a year earlier, falling for the third straight month, due to weak demand from Vietnam, South Korea, Indonesia, Japan and Thailand, the Solvent Extractors' Association of India said on February 5.