Indian soyaoil futures contracts extended this week's losses on Wednesday as global markets stayed weak on expectations of further price falls due to higher soyabean supplies from Brazil and Argentina. The fall was limited due to a good demand in the spot market in central Indian city of Indore, where prices rose 0.81 percent to 62,300 rupees per tonne.
At 4:33 pm (1103 GMT), the March contract was down 0.60 percent at 632.40 rupees ($15.6) per 10 kg, It had touched a low of 632.1 rupees and looked set to close lower for the fifth day in a row.
The contract expires on Thursday. The April contract was trading down 0.98 percent at 636.50 rupees, on track for a fourth straight fall. "Full-fledged harvesting of soyabeans in Brazil and Argentina is putting a cap on soyabean futures prices," brokerage Karvy Comtrade Ltd said in a report. Traders said increased soyabean supplies would lead to higher soyaoil production, which would further ease prices.