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India oilseeds, soyoil seen falling further
March 20, 2012 / 4:13 AM / in 6 years

India oilseeds, soyoil seen falling further

MUMBAI, March 20 (Reuters) - India oilseeds and soyoil futures are likely to open lower on Tuesday, extending its fall for another session, on profit-taking triggered by weak overseas markets, analysts said.

* U.S. soybean dropped for a second day in a row on a softening cash market and profit-taking after both markets climbed to multi-month highs on Monday.

* Soybean for April delivery on the National Commodity and Derivatives Exchange (NCDEX) last ended unchanged at 2,907 rupees per 100 kg, after hitting a record high of 2,944 rupees last week.

* Rapeseed for April delivery edged up 0.31 percent to 3,806 rupees per 100 kg, while April soyoil eased 0.3 percent to 735.95 rupees per 10 kg in the previous session.

* Falling rapeseed production could limit the downside, analysts said.

* The country’s rapeseed output is estimated to fall 12.6 percent to 6.03 million tonnes in the year to June 2012, said the Central Organisation for Oil Industry and Trade (COOIT) on Sunday. (Reporting by Siddesh Mayenkar; Editing by Subhadip Sircar)

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