MUMBAI: Indian oilseeds and soyoil futures are likely to edge higher on Wednesday on lower-level buying prompted by a recovery in the global markets, analysts said.
U.S. soybean futures also closed higher, rallying late in the trading day as funds made some purchases despite the U.S. Agriculture Department's report that pegged soybean ending stocks at their highest level since the 2006/07 marketing year, topping market expectations.
Malaysia palm oil futures were trading 0.12 percent higher at 9:19 a.m. The June soybean contract on the National Commodity and Derivatives Exchange ended down 0.96 percent at 1,961 rupees per 100 kg, while the June soyoil contract fell 0.71 percent to 449.55 rupees per 10 kg in the previous session. The June rapeseed contract finished 0.60 percent lower at 501.1 rupees per 20 kg.
However, a drop in meal exports seen weighing on sentiments, they said. India's April oilmeal exports slumped 14.35 percent from a year earlier, falling for the sixth straight month, on low domestic crushing and as a strengthening rupee weakened demand from Vietnam and China, a trade body said.
