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India soybean seen down on imports, global cues.


Date: 21-07-2009
Subject: India soybean seen down on imports, global cues
MUMBAI, July 21 (Reuters) - Indian soybean and soyoil futures are likely to open slightly down on Tuesday tracking overseas markets and on expectation of record edible oils imports, analysts said.

India may import a record 8 million tonnes of vegetable oil in the year ending Oct 2009, the Solvent Extractors' Association said last week.

The benchmark October palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was down 0.79 percent at 2,143 ringgit a tonne at 9:27 a.m.

The August soybean contract NSBQ9 on the National Commodity and Derivatives Exchange ended down 0.01 percent at 2,296.5 rupees per 100 kg in the previous trading session.

But concerns deficient rainfall so far over key growing areas may trim yields will cap the losses, they said.

Source : REUTERS

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