MUMBAI: Indian oilseeds and soyoil futures fell on Friday afternoon, tailing weak world markets and on an expected rise in rapeseed output, though a jump in oilmeal exports limited the downside, analysts said.
At 1:22 p.m., Malaysian palm oil futures were down 2.36 percent at 3,773 ringgits per tonne, while the U.S. soy futures were down 0.58 percent at $13.70 per bushel, after losing 1.1 percent in the previous session.
"Weakness in overseas markets was weighing on sentiment, but the trend was still bullish. Domestic factors like oilmeal exports and soybean arrivals were favourable for upside," said Chowda Reddy, senior analyst with JRG Wealth Management.
India's oilmeal exports rose 94 percent to 765,954 tonnes in December from 395,663 tonnes a year earlier, a leading trade body said on Friday.
Soybean arrivals in physical markets in Maharashtra and Madhya Pradesh were coming down, Reddy said.
February soyoil contract on India's National Commodity and Derivatives Exchange (NCDEX) was down 1.22 percent at 643.35 rupees per 10 kg at 1:23 p.m.
In the Indore spot market, soyoil dropped by 5.3 rupees to 627.65 rupees per 10 kg, while soybean fell by 18 rupees to 2,301 rupees per 100 kg.
February soybean fell 1.26 percent to 2,391 rupees per 100 kg, while rapeseed for January delivery edged down by 0.53 percent to 558.75 rupees per 20 kg.
In the Jaipur spot market in Rajasthan, the country's top rapeseed producer, price was down 1 rupee to 576.25 rupees per 20 kg.
Rapeseed area in top producer Rajasthan state went up 24 percent to 2.75 million hectares, while the current weather conditions have boosted yield prospects for the country's main winter oilseed crop.
