MARKET DEVELOPMENT
Indian Soybeans Rise on Thin Supply; Guar Drops on Weak Demand
Indian Soybeans Rise on Thin Supply; Guar Drops on Weak Demand
22/04/2014 (Reuters) - Indian soyoil futures edged higher on Monday following gains in overseas palm oil prices and as the rupee eased, while soybean futures rose on dwindling supplies in local spot markets.
* Rapeseed futures also edged higher tracking gains in edible oils.
* A weaker rupee makes edible oil imports expensive. The local currency hit a one-month low on Monday and posted its worst single-day fall since March 20.
* Soybean and soyoil futures are likely to open higher on Tuesday on good demand in spot markets.
* Malaysian palm oil futures ended higher after two days of losses, as investors pinned hopes for an increase in demand ahead of a major Muslim festival.
* At 13:06 GMT, the May soyoil contract was up 0.17 percent at 711.30 rupees ($11.73) per 10 kg on the National Commodity and Derivatives Exchange.
* The May soybean contract closed 0.57 percent higher at 4,424 rupees per 100 kg, while the May rapeseed contract nudged up 0.20 percent to 3,487 rupees per 100 kg.
SUGAR
Sugar futures fell on profit-taking and sluggish demand in local spot markets, though an estimated drop in production restricted the downside.
* The key May contract was down 0.98 percent at 3,226 rupees per 100 kg.
* Futures are likely to open higher in the next session as bulk consumers are likely to increase purchases at lower prices, dealers said.
TURMERIC
Turmeric futures surged on exports inquiries and a slight drop in supply.
* The key May contract finished up 3.1 percent at 6,838 rupees per 100 kg.
GUAR SEED
Guar seed futures eased on sluggish demand, though limited supplies restricted the downside.
* Futures may extend losses in the next session, dealers said.
* The May contract ended down 0.52 percent at 4,825 rupees per 100 kg.
CUMIN SEED
Indian jeera, or cumin seed, futures rose on an improvement in exports demand.
* The key May contract closed up 1.45 percent at 10,165 rupees per 100 kg.
CHICKPEA
Indian chana, or chickpea, futures fell on rising supplies from the new season crop in top producing Madhya Pradesh state.
* The May chana contract dropped 1.81 percent to 3,087 rupees per 100 kg.
* Futures are likely to open higher since prices have fallen below the minimum support level set by the government.
CORN, WHEAT
Corn futures eased on sluggish exports demand.
* The May corn contract was down 0.52 percent at 1,156 rupees per 100 kg, while May wheat climbed up 0.65 percent to 1,545 rupees per 100 kg. ($1 = 60.6 Indian Rupees)
* Rapeseed futures also edged higher tracking gains in edible oils.
* A weaker rupee makes edible oil imports expensive. The local currency hit a one-month low on Monday and posted its worst single-day fall since March 20.
* Soybean and soyoil futures are likely to open higher on Tuesday on good demand in spot markets.
* Malaysian palm oil futures ended higher after two days of losses, as investors pinned hopes for an increase in demand ahead of a major Muslim festival.
* At 13:06 GMT, the May soyoil contract was up 0.17 percent at 711.30 rupees ($11.73) per 10 kg on the National Commodity and Derivatives Exchange.
* The May soybean contract closed 0.57 percent higher at 4,424 rupees per 100 kg, while the May rapeseed contract nudged up 0.20 percent to 3,487 rupees per 100 kg.
SUGAR
Sugar futures fell on profit-taking and sluggish demand in local spot markets, though an estimated drop in production restricted the downside.
* The key May contract was down 0.98 percent at 3,226 rupees per 100 kg.
* Futures are likely to open higher in the next session as bulk consumers are likely to increase purchases at lower prices, dealers said.
TURMERIC
Turmeric futures surged on exports inquiries and a slight drop in supply.
* The key May contract finished up 3.1 percent at 6,838 rupees per 100 kg.
GUAR SEED
Guar seed futures eased on sluggish demand, though limited supplies restricted the downside.
* Futures may extend losses in the next session, dealers said.
* The May contract ended down 0.52 percent at 4,825 rupees per 100 kg.
CUMIN SEED
Indian jeera, or cumin seed, futures rose on an improvement in exports demand.
* The key May contract closed up 1.45 percent at 10,165 rupees per 100 kg.
CHICKPEA
Indian chana, or chickpea, futures fell on rising supplies from the new season crop in top producing Madhya Pradesh state.
* The May chana contract dropped 1.81 percent to 3,087 rupees per 100 kg.
* Futures are likely to open higher since prices have fallen below the minimum support level set by the government.
CORN, WHEAT
Corn futures eased on sluggish exports demand.
* The May corn contract was down 0.52 percent at 1,156 rupees per 100 kg, while May wheat climbed up 0.65 percent to 1,545 rupees per 100 kg. ($1 = 60.6 Indian Rupees)