Indian soy futures fall on CBOT loss

Indian soyoil and soy futures fell on early Monday (May 18) tracking a decline in Malaysian palm oil futures and losses on Chicago Board of Trade (CBOT), analysts said.

June soy contract on the National Commodity and Derivatives Exchange (NCDEX) fell 1.46 percent to Rs2,693 per 100 kilogrammes.

The June soyoil contract was at Rs499.95 per 10 kilogrammes, down 1.13 percent.

Both soy and soyoil futures on CBOT were down during electronic trade on Monday (May 18).

The losses were limited on positive sentiment after a ban on wheat futures was lifted and election results boosted hopes for a stable government.

Analysts said on Friday (May 15), India removed a two-year-old ban on wheat futures, and gave a decisive win for the ruling coalition without Left parties, restoring investor confidence.

US$1 = Rs48.150 (May 18)