MARKET DEVELOPMENT
Indian Oilseeds, Turmeric Gain on Poor Rainfall; Chana Drops
Indian Oilseeds, Turmeric Gain on Poor Rainfall; Chana Drops
08/07/2014 (Reuters) - Indian oilseeds and soyoil futures rose on Monday on a weak rupee, a delay in soybean sowing and as palm oil prices rose overseas on expectations of a decline in inventories.
* Oilseeds and soyoil futures are likely to open higher in the next session as soybean sowing is unlikely to pick up anytime soon, dealers said.
* Malaysian palm oil futures ended higher on Monday on speculation that stocks in the world's No. 2 grower would fall for the first time in four months, although investor caution ahead of an official industry report capped gains.
* The key October soybean contract on the National Commodity & Derivatives Exchange rose 0.63 percent to 3,824 rupees ($63.72) per 100 kg, while the August rapeseed contract jumped 0.9 percent to 3,576 rupees per 100 kg.
* At 12 GMT, the August soyoil contract was up 0.4 percent at 684.80 rupees per 10 kg.
SUGAR
Indian sugar futures edged lower on sluggish demand, though concerns over next year's production limited the downside.
* Sugar futures are likely to open lower in the next session.
* The key August contract was down 0.48 percent at 3,104 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures eased on ample supplies and government raids to check hoarding.
* The August chana contract fell 0.64 percent to 2,791 rupees per 100 kg.
TURMERIC
Turmeric futures surged on robust demand in the spot market amid dwindling supplies.
* Futures are likely to extend gains in the next session on concerns over next year's output due to patchy rainfall in growing areas.
* The key August contract finished up 1.46 percent at 6,664 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures edged higher due to an improvement in demand and concerns over production due to scanty rainfall in top producing Gujarat state.
* The key August contract rose 0.7 percent to 11,555 rupees per 100 kg.
GUAR SEED
Guar seed futures fell on profit-taking, though lower-than-normal rainfall in top producing Rajasthan state restricted the downside.
* The August contract closed 1.62 percent lower at 5,785 rupees per 100 kg.
CORN, WHEAT
Corn and wheat futures fell on sluggish demand.
* The August corn contract was 0.74 percent lower at 1,200 rupees per 100 kg, while August wheat edged down 0.45 percent to 1,538 rupees per 100 kg. ($1 = 60.0125 Indian Rupees)
* Oilseeds and soyoil futures are likely to open higher in the next session as soybean sowing is unlikely to pick up anytime soon, dealers said.
* Malaysian palm oil futures ended higher on Monday on speculation that stocks in the world's No. 2 grower would fall for the first time in four months, although investor caution ahead of an official industry report capped gains.
* The key October soybean contract on the National Commodity & Derivatives Exchange rose 0.63 percent to 3,824 rupees ($63.72) per 100 kg, while the August rapeseed contract jumped 0.9 percent to 3,576 rupees per 100 kg.
* At 12 GMT, the August soyoil contract was up 0.4 percent at 684.80 rupees per 10 kg.
SUGAR
Indian sugar futures edged lower on sluggish demand, though concerns over next year's production limited the downside.
* Sugar futures are likely to open lower in the next session.
* The key August contract was down 0.48 percent at 3,104 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures eased on ample supplies and government raids to check hoarding.
* The August chana contract fell 0.64 percent to 2,791 rupees per 100 kg.
TURMERIC
Turmeric futures surged on robust demand in the spot market amid dwindling supplies.
* Futures are likely to extend gains in the next session on concerns over next year's output due to patchy rainfall in growing areas.
* The key August contract finished up 1.46 percent at 6,664 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures edged higher due to an improvement in demand and concerns over production due to scanty rainfall in top producing Gujarat state.
* The key August contract rose 0.7 percent to 11,555 rupees per 100 kg.
GUAR SEED
Guar seed futures fell on profit-taking, though lower-than-normal rainfall in top producing Rajasthan state restricted the downside.
* The August contract closed 1.62 percent lower at 5,785 rupees per 100 kg.
CORN, WHEAT
Corn and wheat futures fell on sluggish demand.
* The August corn contract was 0.74 percent lower at 1,200 rupees per 100 kg, while August wheat edged down 0.45 percent to 1,538 rupees per 100 kg. ($1 = 60.0125 Indian Rupees)