India soy futures edge higher on overseas leads

India soy futures edged higher on earlier tracking overseas leads, thin arrivals, firm domestic demand and expectations of a lower output, analysts said.

The December soy on the National Commodity and Derivatives Exchange was trading 0.39-percent higher at Rs2,436 per 100 kilogrammes.

The benchmark January palm oil futures on Bursa Malaysia Derivatives Exchange was at MYR2,493 a tonne, up 0.61 percent.

Despite it being the peak season, arrivals were not picking up due to unseasonal rains in central India, the main growing region. Besides, farmers are also not bringing their entire produce to the market anticipating a further rise in prices, traders said.

The Central Organisation for Oil Industry and Trade said India's output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soy production.