Soybean futures opened down in yesterday's tarding session and than recovered later on backed by strong Spot price and strong buying in the Spot market of Nagpur. Malaysian Crude palm oil futures extended the previous day's losses Thursday as weak commodity markets prompted profit-taking and long liquidation.

India's PEC Ltd has bought 10,000 tonnes of RBD palmolein at $705 per tonne for delivery by mid-October, two government officials told Reuters on Thursday. PEC's vegoil import programme is part of the government's plan to try to contain rising prices during the current festival season.

The combination of only a mild weather threat to U. S. Midwest crops and strength in the U. S. dollar have Chicago Board of Trade soybean futures poised for a lower start to Thursday's day session.

Harvesting of early sown oilseed crops, including soybean, is likely to pick up in the coming days, which may push up supplies, However, the peak arrival this year may be delayed by over two weeks following delayed rains in many parts of the growing states.

The major soybean areas of India have turned hot and dry duringthe past couple of weeks. This will favor the maturing crop and any harvest activities. If there are any late filling soybeans they could come under increasing stress.

We expect soybean futures to reamin a bit firm during the early session and it may see some weakness as the day progress due good arrivals in the Spot market. Refined oil counter is expected to trade up as we may some short covering in Plam oil counter and prices would also we driven up because of ongoing and forthcoming festive demand.