September 30, 2008
India soy futures fall on high domestic supply expectation
Indian soy October futures breached the initial lower circuit of 3 percent on Monday and ended down tracking weakness in overseas markets and expectations of good supplies at home in the coming weeks.
Leading industry analyst Dorab Mistry in a conference on Saturday said Indian crushers may face a difficult time in the year ending September 2009 as farmers demand a better price, while soymeal buyers bargain for a discount.
India is likely to produce a record soy crop of about 10-12 million tonnes, according to experts.
The October futures touched fell 4 percent, the maximum permitted in a day, to Rs. 1,981 per 100 kg, its lowest in more than two weeks.
Soy November futures SX8 on Chicago Board of Trade fell 2.49 percent to $11.35-½ a bushel during electronic trade on Monday.