MUMBAI, July 24 (Reuters) - Indian soybean and soyoil futures were down early Friday on sharp rise in soybean acreage in the last two weeks and higher imports of edible oil, analysts said.
A bearish Malaysian palm also weighed on the prices.
At 11:05 a.m, the September soybean contract NSBU9 on the National Commodity and Derivatives Exchange was down 0.56 percent to 2,310 rupees per 100 kg, while September soyoil futures NSOU9 was down 0.76 percent to 455 rupees per 10 kg.
Poor rains in June and early July had pushed down oilseed sowing but good rains over the last ten days prompted large-scale sowing in Madhya Pradesh, where the acreage has now crossed 5 million hectare, same as last year.
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 0.67 percent at 2,086 ringgit a tonne at 10:00 a.m.
Source : REUTERS