Indian oilseeds fall on expected higher acreage.

Indian oilseed prices were down on Friday afternoon, reflecting overseas markets and expectations of higher acreage, though tight supplies in the local markets after good export demand provided some support.

* At 0834 GMT, most-traded soybean contract for July delivery on the National Commodity and Derivatives Exchange (NCDEX) was 3,401 rupees per 100 kg, down 0.63 percent, easing from previous day's one-week high of 3,446 rupees.

* Soybean may trade in the range of 3,320-3,445 rupees in coming week, said Chowda Reddy, senior analyst with JRG Wealth Management.

* U.S. soybean lost nearly one percent, tracking a broad-based decline in the global markets.

* India's soybean acreage is likely to rise by 7 percent in 2012/13 as higher prices of soybean prompt farmers to the crop, a leading industry official said. Indian oil millers had crushed 8.6 million tonnes of soybean since October. ID:nI8E8FD02C]

* Soybean stocks have dropped because of aggressive crushing by millers earlier this year to feed robust export demand for meal. India's oilmeal exports rose to 351,791 tonnes in May from 323,907 tonnes a year earlier, a leading trade body said.

* Soyoil for July delivery was trading 0.62 percent lower at 722.70 rupees per 10 kg, while rapeseed for July was 0.77 percent lower at 3,755 rupees per 100 kg.

* Selling is advised in rapeseed at 3,765 for a target of 3,720 rupees, said Reddy.

* In the Indore spot market in Madhya Pradesh, soyoil rose by 1.05 rupee to 725.55 rupees per 10 kg, while soybean was down 6 rupees at 3,460 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed fell 130 rupees to 3,770 rupees per 100 kg. (Reporting by Siddesh Mayenkar; Editing by Anand Basu)

Source : reuters.com