India soybean down as Malaysian palm, spot slides

MUMBAI, Oct 8 (Reuters) - Indian soybean and soyoil futures ended down on Thursday tracking a fall in Malaysian palm, which hit a 12-week low ahead of industry data and tracking a fall in spot prices, analysts said.

Selling pressure intensified in Malaysian crude palm in the late trade prompted by a Reuters poll showing that Malaysian palm oil stocks rose 7.4 percent to a seven-month high in September, as production accelerated, while exports dropped after big buyers reined in purchases. [PALM/POLL] [ID:nJAK451783]

Palm oil and soyoil are related commodities and their prices often move in tandem.

Soybean prices in the spot market in Indore fell 1.55 percent to 19,000 rupees per tonne.

Expectation of record soybean crop in Brazil, a top producer, also weighed on the markets.

The new soy crop in Brazil was projected at a record 62.26 million to 63.27 million tonnes compared with the 57.09 million tonnes harvested last season, government's crop supply agency Conab said on Wednesday.