MUMBAI: Indian oilseed and soyoil futures dropped on Monday, depressed by a fall in the overseas markets and on subdued export demand for meal softening prices in domestic spot markets, analysts said.
"CBOT is down. Malaysian market is in red. All things are putting pressure on domestic oilseed complex," said Vinita Advani, an analyst with Ventura Commodities Pvt Ltd.
U.S corn futures fell nearly 2 per cent on Monday, while wheat and soy slipped about 1 per cent as fears about the fallout of fraud charges against Goldman Sachs hit investor appetite for riskier assets.
Malaysian crude palm oil futures tumbled to an 11-week low as fraud charges against Goldman Sachs prompted investors to book profits in most commodity and equity markets.
The May rapeseed contract on the National Commodity and Derivatives Exchange ended 0.37 per cent lower at 503.8 rupees per 20 kg.
In Jaipur spot market in top producing state of Rajasthan, the price dropped 6.25 rupees to 497.6 rupees per 20 kg.
The May soybean contract ended 1.77 per cent lower at 1,939 rupees per 100 kg, while the May soyoil finished 0.89 per cent down at 443.9 rupees per 10 kg, after hitting a contract low of 443.1 rupees earlier in the day.
In Indore spot market in top producer Madhya Pradesh, soybean price slipped 39 rupees to 1,938 rupees, and soyoil edged lower by 2.7 rupees to 441.5 rupees.
Concerns over domestic rapeseed output and lower-level buying limited the downside, they added.
An industry body said in March the country's rapeseed output in 2010 is expected to rise marginally to 6.3 million tonnes on good weather conditions.
Traders said output may be lower than estimates considering the arrivals in spot market.
The country's March oilmeal exports slumped 34 per cent from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.
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