India soybean down as Malaysian palm, crude falls

MUMBAI, Nov 21 (Reuters) - Indian soybean futures were down on Friday morning tracking weak Malaysian palm oil and overnight falls in the crude oil prices, analysts said.

At 11:03 soybean January futures contract NSBF9 on National Commodity and Derivatives Exchange were down 1.18 percent at 1,585 rupees per 100 kg.

At 11:05 a.m., benchmark Palm oil February futures contract KPOc3 on the Bursa Malaysia Derivatives Exchange was down 3 percent at 1,418 ringgit a tonne tracking overnight falls in crude oil prices.

Soybean is crushed to produce edible oil, which competes with palm oil. Their prices often move in tandem.

However, federal government's moves to support edible oil prices may limit the losses, they added.

The government on Thursday allowed limited exports of edible oil and has also imposed a 20 percent duty on imports of crude soybean oil early this week to support falling edible oil prices. (Reporting by Abhishek Shanker; Editing by Prem Udayabhanu)