India soybean down as bird flu cuts soymeal demand
MUMBAI, Dec 1 (Reuters) - India soybean futures fell on Monday morning after an outbreak of bird flu in the north-eastern state of Assam pulled down demand for soymeal, analysts said.
Soymeal is the main by-product derived from crushing the oilseed and is mainly used as poultry feed.
At 11:04 a.m., the January contract NSBF9 on the National Commodity and Derivatives Exchange was down 0.64 percent at 1,703.5 rupees per 100 kg.
Buyers in other parts of the country may also hold back purchases as the news may have affected sentiment across centres, they added.
Prices may weaken further on higher expected supplies in the spot market. Farmers who have been holding on to their produce, are now more likely to bring it to market to benefit from a recent spike in spot prices. (Reporting by Abhishek Shanker; editing by Rohini Ananthan)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
PLAYBOY SALE
An icon bows to changing times
With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech. Full Article
India
US
UK
