MARKET DEVELOPMENT
India Soybeans Drop on Weak Demand; Soyoil, Rapeseed Steady
India Soybeans Drop on Weak Demand; Soyoil, Rapeseed Steady
10/01/2014 (Reuters) - Indian soybean futures fell on Thursday on weak exports demand for soymeal, while soyoil and rapeseed were steady amid expectation the government would raise import duty on refined palm oil to protect local refiners from cheaper overseas supplies.
* The Cabinet Committee on Economic Affairs is likely to consider local refiners' demand on Thursday to raise the duty to 10 percent from 7.5 percent, dealers said.
* Imports of refined palm oil surged in the last six months as Indonesia raised export tax on crude palm oil and kept taxes lower on refined variants to boost exports.
* "Higher tax on refined palm oil can trim imports. It can support edible oil prices in the short term," said Subhranil Dey, an analyst with SMC Comtrade.
* At 0818 GMT, the key February soybean contract was lower 0.97 percent at 3,615 rupees ($58.15) per 100 kg on the National Commodity and Derivatives Exchange.
* India's soymeal exports fell 10.32 percent to 451,314 tonnes in December from a month ago.
* Malaysian palm oil futures dropped to their lowest in almost two months on Thursday, stretching losses into a sixth straight session, as a round of technical selling pressured prices.
* The February soyoil contract edged down 0.02 percent to 672.20 rupees per 10 kg, while the rapeseed contract for January was down 0.08 percent at 3,586 rupees per 100 kg.
* India's rapeseed production is unlikely to rise in 2014 despite increased plantings as cold weather in the top producing region is seen denting yields, forcing the country to raise imports of palm and sunflower oil.
* At the Indore spot market in Madhya Pradesh state, soybeans eased 9 rupees to 3,748 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed fell 25 rupees to 3,620 rupees. ($1 = 62.1700 Indian rupees)
* The Cabinet Committee on Economic Affairs is likely to consider local refiners' demand on Thursday to raise the duty to 10 percent from 7.5 percent, dealers said.
* Imports of refined palm oil surged in the last six months as Indonesia raised export tax on crude palm oil and kept taxes lower on refined variants to boost exports.
* "Higher tax on refined palm oil can trim imports. It can support edible oil prices in the short term," said Subhranil Dey, an analyst with SMC Comtrade.
* At 0818 GMT, the key February soybean contract was lower 0.97 percent at 3,615 rupees ($58.15) per 100 kg on the National Commodity and Derivatives Exchange.
* India's soymeal exports fell 10.32 percent to 451,314 tonnes in December from a month ago.
* Malaysian palm oil futures dropped to their lowest in almost two months on Thursday, stretching losses into a sixth straight session, as a round of technical selling pressured prices.
* The February soyoil contract edged down 0.02 percent to 672.20 rupees per 10 kg, while the rapeseed contract for January was down 0.08 percent at 3,586 rupees per 100 kg.
* India's rapeseed production is unlikely to rise in 2014 despite increased plantings as cold weather in the top producing region is seen denting yields, forcing the country to raise imports of palm and sunflower oil.
* At the Indore spot market in Madhya Pradesh state, soybeans eased 9 rupees to 3,748 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed fell 25 rupees to 3,620 rupees. ($1 = 62.1700 Indian rupees)