MUMBAI: Indian soyoil futures fell on Thursday tracking losses in Malaysian palm oil, while soybean hit a record high on weak rupee and tight supplies in local and overseas markets.
Malaysian palm oil futures fell 2.43 percent to 3,007 ringgit per tonne by 0808 GMT, while U.S. soybean was down 0.6 percent at $16.13-1/4 per bushel, after hitting a record high earlier this week on concerns over output.
The U.S. Department of Agriculture (USDA) on Wednesday cut soybean yields forecast by nearly 8 percent to 40.5 bushels per acre, the second lowest since 2003, due to the drought.
"Traders are profit-booking after a rally in one month. Overseas markets are down," said Vedika Narvekar, senior analyst with Angel Commodities Broking Pvt Ltd.
"Madhya Pradesh and Maharashtra got good rainfall last week. Soybean sowing is progressing well. Total area is likely to be higher than last year."
Madhya Pradesh and Maharashtra are the top two soybean producing states and account for more-than 85 percent of total production.
The August soybean contract on India's National Commodity and Derivatives Exchange was up 0.68 percent at 4,375.5 rupees per 100 kg, after hitting a record high of 4,388 rupees earlier in the day.
India's soybean acreage is likely to rise by 7 percent in 2012/13 as record high prices for the oilseed prompt farmers to plant more, an industry official said on June 8.
The August soyoil contract dropped 0.73 percent to 784.15 rupees per 10 kg, while rapeseed eased 0.19 percent to 4,222 rupees per 100 kg.
India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors' Association of India said in a statement.
In the Indore spot market in Madhya Pradesh, soyoil was down 0.05 rupees at 773.95 rupees per 10 kg, while soybean fell 12 rupees to 4,253 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed fell 98 rupees to 4,037 per 100 kg.
