Indian soy futures fall sharply on improved crop outlook

Indian soy futures fell more than 2 percent to hit new lows early on Friday (Sep 4), tracking healthy growth of oilseed crops in top producers Madhya Pradesh and Maharashtra, analysts said.

Futures have fallen nearly nine percent in last ten sessions, they added.

October soy contract NSBV9 on the National Commodity and Derivatives Exchange was down 2.09 percent to Rs2,080 per 100 kg. The contract had earlier touched a new low of Rs2,070.

October soyoil futures NSOV9 fell 1.17 percent to Rs448.1 per 10 kg.

Rains in growing areas has be going on for more than a week and expectation of more rains in the coming days has vastly improved crop prospects in the country.

Benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange, which is closely watched by Indian market, was at MYR2,220 a tonne, up 0.09 percent.