Indian soyabean futures drop on monsoon progress

Indian soyabean futures dropped on Thursday on hopes of higher output as monsoon rains covered almost the entire country, narrowing the deficit since the season started on June 8. The July soyabean contract on the National Commodity & Derivatives Exchange ended down 0.94 percent at 3,812 rupees ($56.65) per 100 kg.
Monsoon rains have remained 18 percent lower than average since June 8, but have made steady progress and helped quicken the planting of summer crops such as paddy rice, soyabeans, cotton and pulses. The July rapeseed contract fell 0.76 percent to 4,709 rupees per 100 kg due to lower prices of oil and meal - produced after crushing the oilseed. July soyaoil futures lost 0.10 percent at 644.30 rupees per 10 kg at 1300 GMT, tracking losses in soyabeans.