November 17, 2008

 

India soy futures reach new low on poor soymeal demand
 
 

Indian soy December futures fell to its lowest in over a year on Monday amid expectations of poor soymeal demand, especially from the export market, said analysts.

 

Soymeal prices have fallen nearly 6 percent in November due to low export demand. Soy December futures contract NSBZ8 declined 1.48 percent to Rs 1,548 per 100 kg on the National Commodity and Derivatives Exchange.

 

Weakness in foreign markets may also pressurise the prices.

 

However, analysts expect lower arrivals may support the prices in the short term, as farmers withhold their stocks on expectations of a price increase.

 

US$1 = Rs 48.9750 (November 17, 2008)