Indian oilseeds and soyaoil futures fell on Friday on the progress of monsoon in the country, while bearish cues from the global market and weak exports of soyameal added to the downside. The monsoon has covered half of India's landmass four days behind the usual schedule, however weather officials expect the monsoon to strengthen over the soyabean growing areas of central India.
Malaysian palm oil futures ended lower on Friday, tracking weaker soyaoil markets and as poor exports dragged, although the recent surge in crude prices due to tensions in Iraq lifted weekly prices to their biggest gain in eight. The short term trend in soyabean and soyaoil futures is expected to remain weak on subdued demand, analysts said.
At 1251 GMT, the key July soyaoil contract was down 0.43 percent at 686 rupees per 10 kg the National Commodity & Derivatives Exchange. The July rapeseed contract fell 0.68 percent to 3,513 rupees per 100 kg, while the July soyabean contract edged down 1.14 percent to 4,000 rupees per 100 kg.