RTRS: India soybean, soyoil end down on profit-taking
India soybean and soyoil futures ended down on Thursday on extended profit-taking and falling U.S. soybean and Malaysian palm prices, analysts said.
February soybean has risen about 11 percent in the six sessions to Wednesday, while February soyoil futures have risen more than 8 percent in the same time.
Lower prices in spot markets also weighed on futures.
Soybean prices in trading hub Indore fell 1.94 percent to 20,200 rupees per 100 kg, while crude soyoil fell 0.45 percent to 44,700 rupees per tonne.
At close, March palm oil KPOH9 on the Bursa Malaysia Derivatives Exchange fell 6.05 percent to 1,865 ringgit a tonne tracking falls in crude oil prices.
U.S. March soybean SH9 was down 0.63 percent at $983-¾ a bushel during electronic trade on Thursday, while soyoil March futures BOH9 were down 1.52 percent at 35.63 cents per pound.
India, which imports a large part of its edible oil requirement, tracks international prices.
A sharp overnight fall in the crude oil CLc1 prices is also weighing on edible oil markets, analysts said. A fall in crude oil prices lowers the demand for edible oils, used as alternative fuel.