Indian soyoil futures fell on Monday on weak global cues and as spot demand eased following higher supplies of rapeseed oil, a substitute. At 3:19 pm (0949 GMT), the March futures contract was down 1.02 percent at 444.4 rupees ($8.6) per 10 kg on the National Commodity and Derivatives Exchange. The April contract lost 0.46 percent to 440.1 rupees.
Spot prices in the central city of Indore, a hub for the soyoil trade in India, fell 0.93 percent to 43,000 rupees per tonne. "Crushing of rapeseed has begun and rapeseed oil has started arriving in the local markets," a trader in the north-western state of Rajasthan said.
Rapeseed is the main winter-sown oilseed, which is crushed to produce rapeseed oil. Arrivals of rapeseed in Rajasthan, the largest producer, have trebled to 300,000 bags of about 85 kg each since mid-February. Lower prices of soyoil and rival palm oil overseas also weighed on the market.
The July soyoil futures on the Chicago Board of Trade were down 0.35 percent at 31.48 cents per pound during electronic trade on Monday. May palm oil futures on Bursa Malaysia Derivatives Exchange shed 1.16 percent to 1,873 ringgit a tonne at 0949 GMT.