MARKET DEVELOPMENT
Indian Vegetable Oils, Oilseeds Futures Jump as Overseas Markets Surge
Indian Vegetable Oils, Oilseeds Futures Jump as Overseas Markets Surge
12/09/2014 (Reuters) - Indian vegetable oils and oilseeds futures rose on Thursday, propelled by overseas markets, and palm oil futures surged on signs that demand may jump after a rise in exports.
* Malaysian palm oil futures rose to a more-than-three-week high on Thursday, lifted by hopes that demand might be picking up after a jump in exports, although caution over palm stocks that have swollen past 2 million tonnes kept a lid on gains.
* Shipments of Malaysian palm oil products surged about 40 percent in the first 10 days of September compared to the same period in August, cargo surveyors reported, after the No.2 producer said it would temporarily scrap export duties for the crude grade.
* Indian soymeal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier.
* At 12:39 GMT, the key October soyoil contract was up 0.97 percent at 572 rupees per 10 kg.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 1.34 percent higher at 3,171 rupees per 100 kg.
* The October rapeseed contract finished up 0.47 percent at 3,600 rupees per 100 kg.
SUGAR
Sugar futures fell on large domestic supplies and lower-than-expected demand.
* The key October contract was down 1.33 percent at 2,884 rupees per 100 kg.
* However, traders expect local sugar demand to pick-up in the coming days ahead of key festivals.
* In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand goes up.
* Food Minister Ram Vilas Paswan said on Wednesday India's 2014/15 sugar output will not be less than the annual demand despite apprehensions that mills in the biggest cane producing state of Uttar Pradesh will not start operations in the new season beginning October.
CHICKPEA
Chana, or chickpea, futures fell on hopes of bumper production from the winter-sown crop due to good rainfall in the top producing state of Madhya Pradesh.
* The October contract closed 0.57 percent lower at 2,808 rupees per 100 kg.
GUAR SEED
Indian guar seed futures fell due to weak export demand.
* The October contract ended 1.86 percent lower at 5,594 rupees per 100 kg.
TURMERIC
Turmeric futures slipped due to sluggish local and export demand.
* The key October contract closed 1.16 percent lower at 6,284 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weak as an improvement in demand offset prospects of higher output due to good rainfall in the top producing Gujarat state.
* The key October contract closed 0.37 percent lower at 10,810 rupees per 100 kg.
CORN, WHEAT
The October corn contract edged down 1.01 percent to 1,083 rupees per 100 kg. October wheat slipped 0.89 percent to 1,565 rupees per 100 kg.
* Malaysian palm oil futures rose to a more-than-three-week high on Thursday, lifted by hopes that demand might be picking up after a jump in exports, although caution over palm stocks that have swollen past 2 million tonnes kept a lid on gains.
* Shipments of Malaysian palm oil products surged about 40 percent in the first 10 days of September compared to the same period in August, cargo surveyors reported, after the No.2 producer said it would temporarily scrap export duties for the crude grade.
* Indian soymeal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier.
* At 12:39 GMT, the key October soyoil contract was up 0.97 percent at 572 rupees per 10 kg.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 1.34 percent higher at 3,171 rupees per 100 kg.
* The October rapeseed contract finished up 0.47 percent at 3,600 rupees per 100 kg.
SUGAR
Sugar futures fell on large domestic supplies and lower-than-expected demand.
* The key October contract was down 1.33 percent at 2,884 rupees per 100 kg.
* However, traders expect local sugar demand to pick-up in the coming days ahead of key festivals.
* In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand goes up.
* Food Minister Ram Vilas Paswan said on Wednesday India's 2014/15 sugar output will not be less than the annual demand despite apprehensions that mills in the biggest cane producing state of Uttar Pradesh will not start operations in the new season beginning October.
CHICKPEA
Chana, or chickpea, futures fell on hopes of bumper production from the winter-sown crop due to good rainfall in the top producing state of Madhya Pradesh.
* The October contract closed 0.57 percent lower at 2,808 rupees per 100 kg.
GUAR SEED
Indian guar seed futures fell due to weak export demand.
* The October contract ended 1.86 percent lower at 5,594 rupees per 100 kg.
TURMERIC
Turmeric futures slipped due to sluggish local and export demand.
* The key October contract closed 1.16 percent lower at 6,284 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weak as an improvement in demand offset prospects of higher output due to good rainfall in the top producing Gujarat state.
* The key October contract closed 0.37 percent lower at 10,810 rupees per 100 kg.
CORN, WHEAT
The October corn contract edged down 1.01 percent to 1,083 rupees per 100 kg. October wheat slipped 0.89 percent to 1,565 rupees per 100 kg.