Indian soyabean futures fell 3 percent on Monday to hit their lowest level in nearly two weeks due to poor demand in the spot market as higher soyameal prices squeezed export orders. Soyaoil fell following a drop in Malaysian palm oil prices, while rapeseed eased on rising arrivals.
At 0750 GMT, the benchmark Malaysian palm oil contract fell 1.36 percent to 2,313 ringgit per tonne, while US soyabeans were down 0.09 percent at $14.11-3/4 per bushel. Indian soyameal suppliers are renegotiating deals with Iranian buyers for April and May shipments as a rally in soyabean prices in the south Asian country has erased margins for exporters.
India’s soyameal exports in April are likely to fall to 200,000 tonnes, down 36 percent from a year earlier, unless buying from Iran improves, said Rajesh Agrawal, chief co-ordinator at Soyabean Processors Association of India, a trade body. The key May soyabean contract on India’s National Commodity and Derivatives Exchange was down 2.5 percent at 3,853.5 rupees per 100 kg, after falling to 3,835.5 rupees earlier, the lowest level since April 4. The key May soyaoil contract was down 0.81 percent at 702.80 rupees per 10 kg, while the rapeseed contract for May eased 0.86 percent to 3,5584 rupees per 100 kg.
