India soybean futures down on rains, weak spot
Friday, 28 August 2009
MUMBAI, Aug 27 (Reuters): Indian soybean and soyoil futures fell Thursday afternoon tracking rains in the growing regions, which boosted supply prospects, and tracking weak spot demand, analysts said.
At 1:30 p.m., the October soybean contract NSBV9 on the National Commodity and Derivatives Exchange was down 1.61 per cent at 2,201 rupees per 100 kg.
October soyoil futures NSOV9 fell 0.9 per cent to 463.1 rupees per 10 kg.
Soybean spot prices in central city of Indore fell 0.22 per cent to 21,200 rupees per tonne, while soyoil prices fell 0.92 per cent to 43,200 rupees per tonne.
"The sentiment in the spot weakened after rains in the growing regions... prices will remain weak till rains last," a trader in Indore, said.
The weather department said on Thursday more rainfall was expected over Madhya Pradesh, Marathawada, central Maharashtra and Gujarat regions in 2-3 days.
Madhya Pradesh, Maharashtra and Gujarat are the top summer-sown oilseeds producers.
At 1:30 p.m., the October soybean contract NSBV9 on the National Commodity and Derivatives Exchange was down 1.61 per cent at 2,201 rupees per 100 kg.
October soyoil futures NSOV9 fell 0.9 per cent to 463.1 rupees per 10 kg.
Soybean spot prices in central city of Indore fell 0.22 per cent to 21,200 rupees per tonne, while soyoil prices fell 0.92 per cent to 43,200 rupees per tonne.
"The sentiment in the spot weakened after rains in the growing regions... prices will remain weak till rains last," a trader in Indore, said.
The weather department said on Thursday more rainfall was expected over Madhya Pradesh, Marathawada, central Maharashtra and Gujarat regions in 2-3 days.
Madhya Pradesh, Maharashtra and Gujarat are the top summer-sown oilseeds producers.