August 27, 2009
India soy down as rains boost crop prospects
Indian soy and soyoil futures fell on early Thursday (August 27) after rains in oilseeds producing states boosted crop prospects and tracking overnight losses on Chicago Board of Trade and weak Malaysian palm, analysts said.
At 10:26 a.m., the October soy contract NSBV9 on the National Commodity and Derivatives Exchange fell 0.47 percent to 2,226.5 rupees per 100 kg. October soyoil futures were down 0.4 percent at 465.45 rupees per 10 kg.
The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was down 0.35 percent at 2,349 ringgit a tonne, at 10:00 a.m.
Palm oil and soy are related commodities and their prices often move in tandem.
However, hopes of good oilseed buying to meet festive edible oil demand may limit the losses.
