MARKET DEVELOPMENT
India Oilseeds, Guar Fall as Rains Pick Up
India Oilseeds, Guar Fall as Rains Pick Up
24/07/2014 (Reuters) - Indian oilseeds futures closed weaker on Wednesday as rains picked up in some parts of the country and on subdued exports of soymeal.
* Soyoil fell tracking weak Malaysian palm oil futures.
* Oilseeds and soyoil futures are expected to open lower on Thursday due to the improvement in rainfall, analysts said.
* "Farm futures have been weighed down by a recovery in rains in some parts but rains are still lower than average," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities.
* The key August soyoil contract on the National Commodity & Derivatives Exchange (NCDEX) fell 0.38 percent to 679.40 rupees per 10 kg at 1227 GMT, while the October soybean contract ended 2.60 percent lower at 3,712 rupees per 100 kg.
* The August rapeseed contract slipped 0.99 percent to 3,599 rupees per 100 kg.
SUGAR
Indian sugar futures fell on Wednesday and are expected to trade weak in the next session, weighed down by large spot supplies and sluggish demand from local buyers.
* The key August contract was down 0.39 percent at 3,070 rupees per 100 kg.
GUAR SEED
Guar seed futures fell due to a pick-up in rains and on weak demand for guar gum from exporters.
* The August contract closed 1.64 percent lower at 5,410 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures fell on weak demand from millers and higher-than-expected supplies in the spot market.
* The August chana contract closed 0.53 percent lower at 2,830 rupees per 100 kg.
TURMERIC
Turmeric futures closed weaker and are expected to extend losses in the next session due to subdued overseas and local demand amid higher carry-forward stocks.
* The key August contract finished 1.84 percent lower at 6,410 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weaker on lower-than-expected overseas demand.
* The key August contract fell 1.08 percent to 11,445 rupees per 100 kg.
CORN, WHEAT
The August corn contract was 0.58 percent lower at 1,195 rupees per 100 kg, while August wheat edged down 0.06 percent to 1,607 rupees per 100 kg.
* Soyoil fell tracking weak Malaysian palm oil futures.
* Oilseeds and soyoil futures are expected to open lower on Thursday due to the improvement in rainfall, analysts said.
* "Farm futures have been weighed down by a recovery in rains in some parts but rains are still lower than average," said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities.
* The key August soyoil contract on the National Commodity & Derivatives Exchange (NCDEX) fell 0.38 percent to 679.40 rupees per 10 kg at 1227 GMT, while the October soybean contract ended 2.60 percent lower at 3,712 rupees per 100 kg.
* The August rapeseed contract slipped 0.99 percent to 3,599 rupees per 100 kg.
SUGAR
Indian sugar futures fell on Wednesday and are expected to trade weak in the next session, weighed down by large spot supplies and sluggish demand from local buyers.
* The key August contract was down 0.39 percent at 3,070 rupees per 100 kg.
GUAR SEED
Guar seed futures fell due to a pick-up in rains and on weak demand for guar gum from exporters.
* The August contract closed 1.64 percent lower at 5,410 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures fell on weak demand from millers and higher-than-expected supplies in the spot market.
* The August chana contract closed 0.53 percent lower at 2,830 rupees per 100 kg.
TURMERIC
Turmeric futures closed weaker and are expected to extend losses in the next session due to subdued overseas and local demand amid higher carry-forward stocks.
* The key August contract finished 1.84 percent lower at 6,410 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weaker on lower-than-expected overseas demand.
* The key August contract fell 1.08 percent to 11,445 rupees per 100 kg.
CORN, WHEAT
The August corn contract was 0.58 percent lower at 1,195 rupees per 100 kg, while August wheat edged down 0.06 percent to 1,607 rupees per 100 kg.