July 20 (Reuters INDIA) – Indian soybean and soyoil futures are likely to open higher on Monday on lower acreage under oilseeds and firmness in overseas markets, analysts said.
As on July 17, Indian farmers had cultivated oilseeds on 10.7 million hectares, down 2.8 percent on year, farm ministry data showed.
Concerns deficient rainfall so far over key oilseed growing areas may trim yields will also support the prices, they said.
The August soybean contract NSBQ9 on the National Commodity and Derivatives Exchange ended up 1 percent at 2,294 rupees per 100 kg in the previous trading session.
The benchmark October palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was up 1.7 percent at 2,159 ringgit a tonne at 9:31 a.m.