Indian soybean falls due to high rainfall in key planting areas

NEW DELHI: Indian soybean futures fell on Wednesday, as high rainfall in key planting areas raised the possibility of higher supply.

The key soybean planting states of Madhya Pradesh, which accounts for about 60 percent of the country's soybean production, and Rajasthan, which accounts for about 27 percent, recorded excess rainfall over the week ended July 19, data on India's weather office website showed.

August soybean futures closed 1 percent lower at 2,990 rupees ($46.52) on the National Commodities and Derivatives Exchange. Soyoil futures were down 1.1 percent at 636.60 rupees ($10.01) per 10 kg as of 1317 GMT.

Rapeseed futures ended 1 percent lower at 3,668 rupees, tracking rival soyoil.