MUMBAI, Jan 15 - India's soybean futures extended the previous day's losses on Friday as a weakness in international markets and a sharp drop in meal exports continued to depress the market, analysts said.
The February soybean contract NSBG0 on the National Commodity and Derivatives Exchange ended down 0.78 percent at 2,233.5 rupees per 100 kg.
Malaysian crude palm oil futures suffered their worst week in nearly four months, closing Friday's session down 5.3 percent from a week ago, dragged by weaker crude oil and rival soy prices, traders said.
"Export figures are very bearish. Meal export is not supporting soybean," an analyst with SMC Comtrade said.
Soybean is crushed to produce soyoil and soymeal.
India's oilmeal exports slumped 44 percent to 395,663 tonnes in December from 708,631 tonnes a year earlier, a leading trade body said on Jan 6.
Indian millers say since oil and meal do not command good prices, processing soybean is economically unviable, leading to sluggish demand for the oilseed in the spot market.
Source : REUTERS