India soybean may open lower on overseas leads

MUMBAI, Nov 9 (Reuters) - India soybean futures may open lower on Monday tracking overseas leads, but lower estimates of summer-sown oilseed crop and good overseas demand for oilmeal could limit the downside, analysts said.

The December soybean contract NSBZ9 on the National Commodity and Derivatives Exchange ended 0.08 percent higher at 2,338.5 rupees per 100 kg in the previous session.

The benchmark January palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,217 ringgit a tonne, down 1.29 percent at 9:31 a.m.

U.S. soybean and corn futures fell on Monday, adding to Friday's sell-off as harvesting picked pace in the U.S. Midwest. See [ID:nSYD422943]

The Central Organisation for Oil Industry and Trade (COOIT) said output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soybean production.

India's oilmeal exports doubled year-on-year in October, rising for the second straight month, due to a revival of feedstock demand from countries such as China, Vietnam and South Korea, a leading trade body said on Thursday. See [ID:nDEL249073] (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)