MUMBAI, Jan 19 (Reuters) - India soybean futures fell on Tuesday afternoon on weak meal exports, though a recovery in overseas markets limited the downside, analysts said.
"Export demand for Indian meal is weak. Besides, the market is expecting bumper productions in Brazil and Argentina," said Vinita Advani, an analyst with Ventura Commodities.
Soybean is crushed to produce soyoil and soymeal.
At 2:18 p.m., the February soybean contract NSBG0 on the National Commodity and Derivatives Exchange was down 0.62 percent at 2,229 rupees per 100 kg.
India's oilmeal exports slumped 44 percent to 395,663 tonnes in December from 708,631 tonnes a year earlier, a leading trade body said on Jan 6.
Indian millers say since oil and meal do not command good prices, processing soybean is economically unviable.
U.S. March soybean futures SH0 rose 0.39 percent to $9.77-¾ a bushel at 2.21 p.m.
Source : REUTERS