India soy, soyoil futures up on Malaysian palm

Indian soy futures were up early Tuesday (Sep 15) on short-covering triggered by gains in Malaysian palm oil futures, and overnight gains in far-month contracts on the Chicago Board of Trade (CBOT), analysts said.

Soyoil futures also rose on firm festival buying and Malaysian palm oil.

The October soy contract NSBV9 on the National Commodity and Derivatives Exchange was up 0.26 percent at Rs1,957.5 per 100 kg. October soyoil NSOV9 was up 0.52 percent to Rs433.35 per 10 kg.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,107 ringgit a tonne, up 1.79 percent.

Gains were limited by improved weather conditions in US and India, which have pushed up hopes of better supplies.

US Department of Agriculture in a report on Friday (Sep 11) said it expected 2009 US soy production at a record 3.245 billion bushels, a record.

Production in India is likely to be better than the previous year after September rains pushed up output estimates.

US$1 = Rs48.634 (Sep 15)