Monday, March 29, 2010

DJ MARKET TALK: India Soyoil Futures Down 0.5% At Two-Week Low

0540 GMT [Dow Jones] India April NCDEX soyoil futures down 0.5% at two-week low of INR452.45/10 kg as rapeseed arrivals pick up; soybean little changed at INR2,050/100 kg. India's rapeseed output for crop year through September likely 6.32 million metric tons vs 6.20 million tons year earlier. "Farmers are releasing more rapeseed stocks in the markets after a rally in prices," says Indore-based trader; rapeseed prices up around 12% in last 10 days. Firm BMD palm oil, eCBOT soybean futures limiting soyoil losses. Trader expects soyoil in INR450-INR456 band, soybean in INR2,035-INR2,065 range.

(ravi.bhushan@dowjones.com)

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