Indian soybean falls on weak export demand for meals: Soyoil Lower

NEW DELHI, February 29: Indian soybean fell on weak export demand for meals on Monday, while rapeseed dropped due to thin domestic demand.
The March soybean contract on the National Commodity & Derivatives Exchange declined 1.4 percent to 3,664 rupees ($53.56) per 100 kg.
The key April rapeseed contract dropped 1.62 percent to 3,877 rupees per 100 kgTop rapeseed producing Rajasthan state on Friday scrapped a ceiling on the stocks of the oilseed that millers and stockists can hold but the measure failed to cheer markets.
March soyoil futures were 0.99 percent lower at 616 rupees per 10 kg at 1245 GMT after India in its federal budget did not raise the import duty on vegetable oil imports.The most active March sugar contract was trading up 0.31 percent at 3,191 rupees per 100 kg due to better demand.
“We may see one more rally in a month,” said Chowda Reddy, assistant vice-president at Inditrade Derivatives and Commodities. “Sugar prices will remain above 3,000 rupees.”
March corn futures edged up 0.14 percent to 1,413 rupees per 100 kg, while the April wheat contract closed 0.52 percent lower at 1,544 rupees per 100 kg.-Agencies