India soybean seen down on Argentina rain forecast

MUMBAI, Feb 11 (Reuters) - India soybean futures are likely to open down on Wednesday tailing overseas markets that were down on forecasted rain in third-biggest exporter Argentina and a sharp drop in crude oil prices, analysts said.

U.S. crude oil futures fell 5 percent on Tuesday, settling below $38.

U.S. soy for March delivery SH9 also dropped 0.4 percent to $9.89-¾ per bushel after falling 8 cents a day earlier.

At 9:35 a.m., the benchmark palm oil April contract KPOc3 on the Bursa Malaysia Derivatives Exchange was down 0.71 percent at 1,955 ringgit a tonne.

The March soybean contract NSBH9 on National Commodity and Derivatives Exchange ended at 2,391.5 rupees per 100 kg, up 0.50 percent in the previous session.