June 9, 2009


Indian soy, soyoil futures seen higher on Malaysian palm oil gains


Indian soy and soyoil futures may open slightly higher on Tuesday (June 8) tracking modest gains in Malaysian palm and supported by a subdued monsoon, analysts said.


However, hopes of a higher acreage may weigh.


Experts said India's soy acreage may rise for a seventh year in a row to touch 10 million hectares this sowing season on better returns than most crops.


The benchmark August palm oil futures on Bursa Malaysia Derivatives Exchange was up 0.28 percent at MYR2,467 (US$700.553) a tonne.


The July soy contract on the National Commodity and Derivatives Exchange (NCDEX) closed at Rs2,621.5 per 100 kilogrammes, down 0.49 percent in the previous session.


July soyoil ended at Rs486.5 per 10 kilogrames, down 1.24 percent in the previous session.


US$1 = Rs47.470 (June 9)