India soybean seen down on weak global mkt, sowing

MUMBAI, July 3 (Reuters) - Indian soybean futures are likely to extend losses on Friday, tracking weakness in global oilseed markets and signs that farmers in top producing states may accelerate the sowing that began this week, analysts said.

The July soybean contract NSBN9 on the National Commodity and Derivatives Exchange ended down 0.45 percent to 2,460.5 rupees per 100 kg in the previous trading session.

The CBOT July soybean futures dropped 15-½ cents, or 1.2 percent, to settle at $12.43 a bushel on Thursday.

At 9:37 a.m., the benchmark September palm oil futures contract KPOc3 on Bursa Malaysia Derivatives Exchange was down 1.01 percent at 2,153 ringgit a tonne.

Local soybean prices are often influenced by Malaysian palm, which is used as a substitute for soyoil, made by crushing the oilseed.

Soybean sowing has begun in central state of Madhya Pradesh and western state of Maharashtra, country's top two producers, after rains early this week.

Lower level buying may limit the losses, they said.

(Reporting by Rajendra Jadhav; Editing by Ramya Venugopal)