India soybean futures extend gains on output drop

MUMBAI, Nov 4 (Reuters) - India soybean futures extended 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.

On the domestic front, stockists are buying in the spot market which may support the uptrend in prices, said an analyst with a Hyderabad-based brokerage.

The December soybean contract NSBZ9 on the National Commodity and Derivatives Exchange ended up 1.15 percent at 2,323.5 rupees per 100 kg.

Recovery in overseas markets also supported prices, they added.

The benchmark January palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange ended at 2,260 ringgit a tonne, up 3.20 percent.

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 Sourav Mishra & Rajendra Jadhav; Editing by Sunil Nair)