RTRS: India soybean futures ease on sluggish meal exports
MUMBAI, Jan 25 (Reuters) - India soybean futures eased in early trade on Monday on weak domestic demand due to a drop in meal exports, though firm overseas markets limited the losses, analysts said.
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 Jan 6. See [ID:nBMA006705]
Indian millers say that since oil and meal do not command good prices, processing soybean is economically unviable, reducing demand in the spot market.
At 10:50 a.m., the February soybean contract NSBG0 on the National Commodity and Derivatives Exchange was down 0.27 percent at 2,179 rupees per 100 kg.
U.S. March soybeans SH0 added 0.2 percent to $9.53 per bushel and China's Dalian soy futures most-active contract DSAU0 rose 1 percent. See [ID:nSGE60O02C]
Malaysian crude palm oil futures rose nearly 1 percent on Monday after a cargo surveyor reported a strong recovery in exports but high stocks and weak commodity markets limited gains. See [ID:nSGE60O05R]
(Reporting by Rajendra Jadhav; Editing by Prem Udayabhanu)