India soybean seen up on firm Malaysian palm oil

MUMBAI, June 1 (Reuters) - Indian soybean and soyoil futures may edge up in early trade on Monday tracking firm Malaysian palm oil and dwindling arrivals in spot markets, analysts said.

At 9:31 a.m. the benchmark August palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was up 1.99 percent to 2,611 ringgit a tonne.

The July soybean contract NSBN9 on the National Commodity and Derivatives Exchange ended at 2,616.5 rupees per 100 kg, while July soyoil NSON9 ended at 494.15 rupees per 10 kg in the previous session.

But a likely rise in soybean acreage may limit the gains, they added.

India's soybean acreage may rise for a seventh year in a row to touch 10 million hectares (24.71 million acres) this sowing season on better returns than most crops, experts said. See [ID:BOM463848]

Yen Gains Versus Dollar on Speculation GM to Declare Bankruptcy

June 1 (Bloomberg) -- The yen rose for a second day against the dollar and the euro as speculation General Motors Corp. will file for bankruptcy today spurred demand for Japan’s currency as a refuge from the financial crisis.

The yen advanced versus all 16 of the most-traded currencies after people familiar with the matter said GM will make its announcement before 8 a.m. in New York, adding to signs the global recession is far from over. The euro weakened for the first time in three days versus the dolllar on concern policy makers meeting this week will signal they may take more measures to add funds to the economy to keep down borrowing costs.

“The problem is far from solved, even if GM is dissolved,” said Daisuke Uno, chief bond and currency strategist at Sumitomo Mitsui Banking Corp. in Tokyo. “As the issue drags on, it’ll continue to be negative for the dollar and the yen is likely to benefit.”

The yen strengthened to 94.92 per dollar as of 10:07 a.m. in Tokyo, from 95.34 in New York last week. Japan’s currency gained to 134.19 per euro from 134.96 last week. The euro declined to $1.4117 from $1.4158, after gaining 7 percent last month, its biggest advance since December.

The dollar may fall to as low as 94.25 yen today, Uno said.