Oilseeds, Soyoil Steady; Eyes Global Markets.

MUMBAI: Indian oilseeds and soyoil futures were treading water on Friday afternoon as a drop in the overseas markets and profit-taking outweighed rising meal exports, which restricted the downside, analysts said.

At 1:28 p.m., Malaysian palm oil futures were up 0.43 percent at 3,943 ringgit per tonne, while the U.S. soy futures were up 0.37 percent at $14.38 per bushel, after losing 1.2 percent in the previous session.

"Market was taking cues from weak overseas markets. Soybean arrivals in spot markets are falling and rapeseed arrivals are lower-than-expected. It should support the prices," said Chowda Reddy, senior analyst with JRG Wealth Management.

March soyoil on India's National Commodity and Derivatives Exchange (NCDEX) was 0.1 percent higher at 669.75 rupees per 10 kg at 1:29 p.m.

In the Indore spot market, soyoil was down 1.3 rupees at 639.75 rupees per 10 kg, while soybean lost 13 rupees to be at 2,466 rupees per 100 kg.

March soybean on NCDEX was down 0.04 percent at 2,561 rupees per 100 kg, while rapeseed futures for April delivery nudged up 0.17 percent to 3,027 rupees per 100 kg.

At Sri Ganganagar spot market in Rajasthan, the biggest producer of rapeseed, price fell by 9 rupees to 2,779 rupees per 100 kg.

India's oilmeal exports rose 67 percent in January from a year ago, the seventh straight monthly rise, on good demand from buyers in Japan, Vietnam, South Korea and the European Union, data from a leading trade body showed.

India's rapeseed output could jump 16.1 percent in 2011 to 6.85 million tonnes, helped by favourable weather conditions, a leading trade body said on Saturday.

Source : economictimes.indiatimes.com