Indian soyoil futures fell on Thursday, tracking weakness in rival Malaysian palm oil and on expectations for a cut in duty on soyoil imports. At 3:03 pm (0933 GMT), the April contract was down 1.63 percent at 626 rupees ($15.6) per 10 kg, while the May futures fell 1.86 percent to 626.25 rupees.
Spot prices in the central state of Madhya Pradesh, the country's largest soybean producer, were steady at 60,800 rupees per 10 kg. Badruddin Khan, senior research analyst in Angel Commodities Broking Pvt Ltd, said profit-taking in crude palm oil in Malaysia weighed on sentiment.
Soyoil and palm oil are related commodities and their prices often move in tandem. The benchmark June contract of rival palm oil on the Bursa Malaysia Derivatives Exchange fell 2.55 percent to 3,608 ringgit ($1,127.1) a tonne.
The fall was limited by renewed fears of tight edible oil supplies following a strike by farmers in Argentina and prospects of rising demand. "The import duties on soyoil may also be lowered," Khan said. Last week, the government had reduced the duty on crude palm oil and a government source said this week a cut in soyoil was also being considered to rein in rising prices. India buys palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina.