Indian soy futures extend losses on weak global market

Indian soy futures extended losses on Friday (July 3), tracking weakness in global oilseed markets and signs that farmers in top producing states may accelerate sowing, which began this week, analysts said.

July soy contract on the National Commodity and Derivatives Exchange (NCDEX) was down 0.69 percent to Rs2,443 per 100 kilogrammes.

CBOT July soy futures dropped 15-½ cents, or 1.2 percent, to settle at US$12.43 a bushel on Thursday (July 2).

The benchmark September palm oil futures contract on Bursa Malaysia Derivatives Exchange was down 1.52 percent at MYR2,142 a tonne.

Local soy prices are often influenced by Malaysian palm, which is used as a substitute for soyoil, made by crushing the oilseed.

Soy sowing has begun in central state of Madhya Pradesh and western state of Maharashtra, country's top producers, after rains early this week.

US$1 = Rs48.00 (July 3)