RTRS: India soybean falls for 4th day on weak meal exports
MUMBAI, Jan 8 (Reuters) - India's soybean futures continued their losing streak into a fourth straight session on Friday as weakness in global markets and weak offtake from millers in spot due to falling meal exports depressed sentiment, analysts said.
"Meal exports are weak. Now rupee is also appreciating and putting pressure on prices," said an analyst at a Delhi-based commodity brokerage.
Soybean is crushed to produce soyoil and soymeal.
At 3:20 p.m., the February soybean contract NSBG0 on the National Commodity and Derivatives Exchange was down 0.79 percent at 2,317 rupees per 100 kg.
The benchmark March contract KPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.27 percent to 2,623 ringgit per tonne at 3:19 a.m.
U.S. soy lost more ground on Friday, falling nearly 1 percent to its lowest in almost two weeks as a strong dollar and China's move to curtail liquidity weighed on the market. See [ID:nSGE60701X]
Indian millers say since oil and meal do not command good prices, processing soybean is economically unviable.
India's oilmeal exports slumped 44 percent to 395,663 tonnes in December from 708,631 tonnes a year earlier, a leading trade body said on Wednesday. See [ID:nBMA006705] (Reporting by Rajendra Jadhav; Editing by Sunil Nair)
