|
MUMBAI: India's oilseeds and soyoil futures extended the previous session's losses on Tuesday, tracking weakness in overseas markets and on poor domestic demand due to a fall in meal exports, analysts said.
"In spot market trade was very thin. Millers were not buying due to weak meal exports, while farmers were bringing soybean in a small quantity due to a sharp fall in prices," Mehul Agrawal, an analyst at Sharekhan Commodities, said. US soybean futures ticked lower on Tuesday in sideway trade ahead of key US government report of world agriculture supply and demand.
Malaysian crude palm oil futures fell more than 2 per cent on Tuesday, as investors sold on concerns over the outlook for prices after a bearish forecast from a top industry analyst on rival soybean stocks, traders said. The April rapeseed nudged 0.03 per cent lower at 471.15 rupees per 20 kg as a likely drop in domestic rapeseed crop helped it to erase most of the early losses. India's rapeseed output may fall an annual 4.8 per cent in 2010 to 5.9 million tonnes in 2009/10, a leading trade body said last month. -Reuters |