MARKET DEVELOPMENT
India Oilseeds, Soyoil Down on Weak Demand, Global Cues
India Oilseeds, Soyoil Down on Weak Demand, Global Cues
08/08/2013 (Reuters) - Indian oilseeds and soyoil futures fell on Wednesday on weak demand in spot markets, higher sown area under oilseeds and as a drop in overseas edible oil prices depressed sentiments further.
* A weak rupee, which makes edible oil imports expensive and increases the returns of oilmeal exporters, limited the downside. The rupee fell on Wednesday.
* Palm oil futures dropped to their lowest in more than a week on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build-up in stocks.
* At 0836 GMT, the key October soybean contract on the National Commodity and Derivatives Exchange was down 0.78 percent at 2,912 rupees per 100 kg.
* "In the spot market edible oil demand was moderate. Some traders are on the sidelines due to a sharp drop in overseas palm oil prices," said Vedika Narvekar, a senior analyst with Angel Commodities Broking.
* Indian farmers have grown soybeans on 11.88 million hectares as of Aug.1, compared with 10.31 million hectares a year earlier, farm ministry data showed.
* The key September soyoil contract fell 0.75 percent to 643 rupees per 10 kg, while the rapeseed contract for September dropped 1.57 percent to 3,191 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil was down 0.90 rupees at 672.35 rupees per 10 kg, while soybeans fell 30 rupees to 3,425 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed edged down 29 rupees to 3,425 rupees.
* A weak rupee, which makes edible oil imports expensive and increases the returns of oilmeal exporters, limited the downside. The rupee fell on Wednesday.
* Palm oil futures dropped to their lowest in more than a week on market talk that production growth in Malaysia was significantly higher last month, stoking concerns about a potential build-up in stocks.
* At 0836 GMT, the key October soybean contract on the National Commodity and Derivatives Exchange was down 0.78 percent at 2,912 rupees per 100 kg.
* "In the spot market edible oil demand was moderate. Some traders are on the sidelines due to a sharp drop in overseas palm oil prices," said Vedika Narvekar, a senior analyst with Angel Commodities Broking.
* Indian farmers have grown soybeans on 11.88 million hectares as of Aug.1, compared with 10.31 million hectares a year earlier, farm ministry data showed.
* The key September soyoil contract fell 0.75 percent to 643 rupees per 10 kg, while the rapeseed contract for September dropped 1.57 percent to 3,191 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil was down 0.90 rupees at 672.35 rupees per 10 kg, while soybeans fell 30 rupees to 3,425 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed edged down 29 rupees to 3,425 rupees.