Indian soyaoil futures fell on Friday tracking weak Malaysian palm oil futures while soyabean futures rose on a rise in overseas shipment of soyameal. Malaysian palm oil futures dropped on Friday, tracking falls in crude oil prices and competing vegetable oil markets, although losses were limited by concerns that monsoon rains could curb output in December.
At 1243 GMT, the key January soyaoil contract was down 0.56 percent at 587.70 rupees per 10 kg on the National Commodity and Derivatives Exchange. The key January rapeseed contract ended down 0.29 percent at 4,046 rupees per 100 kg, while the January soyabean contract rose 0.18 percent to 3,317 rupees per 100 kg. India's palm oil imports could drop for a second straight month in December as local crushing of the soyabean crop gathers momentum, a leading trading company said.
Food firms are also buyers and the sector is likely to take more this year as traders scout out new markets, but it will be hard to match the impact made by oil industry demand in recent years.