MARKET DEVELOPMENT
Indian Oilseeds, Soyoil Steady; Weak Rupee Offsets Rising Soybean Supply
Indian Oilseeds, Soyoil Steady; Weak Rupee Offsets Rising Soybean Supply
23/10/2013 (Reuters) - Indian oilseeds and soyoil futures were steady on Tuesday as a weak rupee and good demand for edible oils offset rising soybean supplies and a drop in overseas oilseed prices.
* Malaysian palm oil futures edged down on Tuesday on a likely stock-buildup in coming months.
* A weak rupee makes edible oil imports expensive, but raises returns of oilmeal exporters. The rupee was trading weaker on Tuesday.
* At 0732 GMT, the key November soybean contract was up 0.18 percent at 3,526 rupees ($57.33) per 100 kg on the National Commodity and Derivatives Exchange.
* "Soybean supplies are rising from the new season crop, but most contain higher moisture. Good quality supplies will rise in the comings weeks," said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.
* Farmers are increasing soybean harvesting as the weather has become dry in Maharashtra and Madhya Pradesh, the country's top two producing states.
* India's soybean production in 2013/14 is likely to drop by 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop, a leading trade body said on Monday.
* The key November soyoil contract was up 0.20 percent at 708.15 rupees per 10 kg, while the rapeseed contract for November nudged up 0.05 percent to 3,651 rupees per 100 kg.
* India will celebrate the Hindu festival of Diwali in the first week of November. Demand for edible oil usually rises ahead of the festival.
* At the Indore spot market in Madhya Pradesh, soybeans rose 21 rupees to 3,519 rupees per 100 kg, while soyoil was steady at 712.15 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged up 13 rupees to 3,728 rupees.
* Malaysian palm oil futures edged down on Tuesday on a likely stock-buildup in coming months.
* A weak rupee makes edible oil imports expensive, but raises returns of oilmeal exporters. The rupee was trading weaker on Tuesday.
* At 0732 GMT, the key November soybean contract was up 0.18 percent at 3,526 rupees ($57.33) per 100 kg on the National Commodity and Derivatives Exchange.
* "Soybean supplies are rising from the new season crop, but most contain higher moisture. Good quality supplies will rise in the comings weeks," said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.
* Farmers are increasing soybean harvesting as the weather has become dry in Maharashtra and Madhya Pradesh, the country's top two producing states.
* India's soybean production in 2013/14 is likely to drop by 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop, a leading trade body said on Monday.
* The key November soyoil contract was up 0.20 percent at 708.15 rupees per 10 kg, while the rapeseed contract for November nudged up 0.05 percent to 3,651 rupees per 100 kg.
* India will celebrate the Hindu festival of Diwali in the first week of November. Demand for edible oil usually rises ahead of the festival.
* At the Indore spot market in Madhya Pradesh, soybeans rose 21 rupees to 3,519 rupees per 100 kg, while soyoil was steady at 712.15 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged up 13 rupees to 3,728 rupees.