MUMBAI: Indian soybean futures fell to a week-low on Thursday tailing overseas leads and lack of demand in the local market.
US soybeans eased on Thursday for a third consecutive session on expectations of bumper production in South America.
The actively traded soybean for February delivery on the National Commodity and Derivatives Exchange (NCDEX) fell to a low of 3,252 rupees per 100 kg, a level last seen on Dec. 26, before trading 1.04 percent lower at 3,267 rupees at 0853 GMT.
"Market will remain weak due to weak soymeal demand, and large stocks," said Chowda Reddy, a senior analyst with JRG Wealth Management, and advised selling in soybean at 3,230 rupees, targeting 3,190 rupees.
Soyoil for February delivery on the NCDEX was 0.32 percent higher at 691.05 rupees per 10 kg, while rapeseed for January delivery was flat at 4,241 rupees per 100 kg.
At the Indore spot market in Madhya Pradesh, soyoil was down 3.90 rupees at 711.20 rupees per 10 kg, while soybean was down 31 rupees to 3,282 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed climbed by 40 rupees to 4,265 rupees.
India's palm oil imports in January are likely to rise to a record high as Malaysia, the world's No. 2 palm oil producer, allowed duty free exports, a senior industry official said on Dec. 20.
India meets more than half of its edible oil requirement through imports, which largely constitute palm oil.
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