India soybean lower on Malaysia palm
MUMBAI, July 6 (Reuters) - Indian soybean futures opened lower on Monday, tracking weakness in Malaysian palm oil and signs farmers in top producing states may accelerate the sowing that began last week, analysts said.
At 10:18 a.m, July soybean contract NSBN9 on the National Commodity and Derivatives Exchange was down 0.22 percent to 2,447 rupees per 100 kg.
At 10:18 a.m., the benchmark September palm oil futures contract KPOc3 on Bursa Malaysia Derivatives Exchange was down 2.07 percent at 2,130 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, the country's top two producers, after rains last week.
(Reporting by Sourav Mishra; editing by Sunil Nair)
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