Indian soyabean futures ended weak on Friday on sluggish oil meal exports while soyaoil futures were higher tracking firm cues from Malaysian palm oil futures. India's oilmeal exports could drop 40 percent in the financial year that ends in March due to lower demand for soyameal as key buyers like Iran and Japan switch to cheaper supplies from South America, a senior trade official said on Friday.
The February soyabean contract closed 0.43 percent lower at 3,453 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), while the April rapeseed contract fell 0.81 percent to 3,308 rupees per 100 kg. At 1238 GMT, the key April soyaoil contract was 0.19 percent up at 598 rupees per 10 kg.
India is likely to produce 26 million tonnes of sugar in the current season ending on September 30, as much as 4 percent higher than an earlier estimate. India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.