India soybean seen up on thin output, global cues

MUMBAI, Nov 4 (Reuters) - India soybean futures are likely to extend the previous session's gains on Wednesday on estimates of lower summer-sown oilseed crop and good demand for meal, analysts said.

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.

The December soybean contract NSBZ9 on the National Commodity and Derivatives Exchange ended at 2,297 rupees per 100 kg in the previous session.

Recovery in overseas markets may also support the prices, they added.

The benchmark January palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,234 ringgit a tonne, up 2.01 percent at 9:38 a.m.

U.S. corn and soybean rose to one-week highs on Tuesday as chart-based buy signals attracted fresh capital from investors, a follow-through from Monday, when the new trading month started. See [ID:nSP481685]

(Reporting by Rajendra Jadhav; Editing by Prem Udayabhanu)