India soybean falls further on arrivals, global cues

MUMBAI, Oct 28 (Reuters) - India soybean futures extended losses on Wednesday weighed by rising arrivals in the domestic markets and tracking weak overseas leads, analysts said.

However, hopes of revival in domestic and export demand of soymeal could kept the downside limited, they added. Soybean is crushed to produce soymeal and soyoil.

Malaysian crude palm oil futures fell 0.4 percent on Wednesday, extending losses to a third day on talk of seasonally higher output boosting stocks. See [ID:nKLR50365]

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

The most-traded November contract NSBX9 on the National Commodity and Derivatives Exchange was 0.66 percent lower at 2,170 rupees per 100 kg at 11:09 a.m., after losing 0.4 percent in the previous session.