Wednesday, March 31, 2010

DJ MARKET TALK: India Soybean Futures Steady; Outlook Weak

0751 GMT [Dow Jones] India April NCDEX soybean futures little changed at INR2,060/100 kgs; off intraday high of INR2,073 on news that Vietnam rejects 12,000 metric tons cargo of Indian soymeal citing low quality; soyoil down 0.5% at INR451.40/10 kgs. "It may further damp sentiment as export demand for soymeal is already low," says Indore-based trader; adds that high soybean stocks to also weigh in near-term. India February soymeal exports down 42.6% on year at 218,748 metric tons. Trader expects soybean in INR2,040-INR2,080 range, soyoil in INR448-INR454 band.


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