RTRS: Indian soybean extends losses on sluggish demand
MUMBAI, Feb 15 (Reuters) - India soybean futures extended losses on Monday evening on sluggish physical offtake on falling meal exports, analysts said.
The soybean March contract NSBH0 on the National Commodity and Derivatives Exchange ended 1.24 percent down at 2,138.5 rupees per 100 kg.
The March soyoil NSOH0 ended 0.73 percent down at 460.35 rupees per 10 kg, while April rapeseed contract NRSJ0 ended 0.66 percent down at 462.25 rupees per 20 kg.
"Physical demand is not good enough to support the current pries," Noida-based brokerage, Religare Commodities, said in a report.
"We are having a bearish view for the week on lack of export demand for soymeal and expectations of weak global trends, selling could be done at 2,130, with a target of 2,100/2,050, maintaining a stop loss of 2,150," said Veeresh Hiremath, analyst with Karvy Comtrade.
India's January oilmeal exports slumped 32 percent from a year earlier, falling for the third straight month, due to weak demand from Vietnam, South Korea, Indonesia, Japan and Thailand, a trade body said. See [ID:nSGE61407U]
Soybean is crushed to produce soyoil and soymeal.
(Reporting by Siddesh Mayenkar; Editing by Ramya Venugopal)
