MARKET DEVELOPMENT
Indian Soybean, Soyoil Futures Drop, Shrug off Gains Overseas
Indian Soybean, Soyoil Futures Drop, Shrug off Gains Overseas
08/10/2014 (Reuters) - Indian soybean and soyoil futures dropped on Tuesday due to a sharp jump in imports of vegetable oils, shrugging off gains in the overseas markets where prices rose after a long weekend.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, as lower prices, a rising population and higher incomes boost consumption.
* Malaysian palm oil futures rose on Tuesday after a long weekend, tracking gains in overnight soy markets and fuelling hopes that rains and frost over parts of the U.S. grain belt could crimp bumper crops of rival oilseeds.
* Palm typically tracks soy markets as they are both food and fuel substitutes.
* On Monday, Chicago soybean prices surged 3.3 percent to notch the biggest one-day gain in nearly 13 months, as rains in parts of the U.S. Midwest delayed harvesting and weekend frost raised worries of potential crop damage.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.66 percent lower at 3,003 rupees per 100 kg.
* At 1252 GMT, the key October soyoil contract was down 0.68 percent at 609 rupees per 10 kg.
* The October rapeseed contract finished down 0.03 percent at 3,627 rupees per 100 kg.
SUGAR
Sugar futures edged up because of the festival demand.
* The key October contract was up 0.69 percent at 2,921 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures ended lower due to ample supplies.
* The October contract ended 0.29 percent lower at 2,761 rupees per 100 kg.
GUAR SEED
Indian guar seed futures rose due to good export demand despite expectations of bumper production due to good rainfall in key growing north-western state of Rajasthan.
* The October contract ended 2.37 percent higher at 5,618 rupees per 100 kg.
TURMERIC
Turmeric futures also rose on higher buying.
* The key October contract closed 0.74 percent higher at 5,990 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures rose due to a sudden rise in demand but prospects of higher output due to good rainfall in top producing Gujarat state in August capped gains.
* The key October contract closed up 3.79 percent at 10,740 rupees per 100 kg.
CORN, WHEAT
The October corn contract was down 1.38 percent at 1,001 rupees per 100 kg, while October wheat rose 0.25 percent to 1,578 rupees per 100 kg.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, as lower prices, a rising population and higher incomes boost consumption.
* Malaysian palm oil futures rose on Tuesday after a long weekend, tracking gains in overnight soy markets and fuelling hopes that rains and frost over parts of the U.S. grain belt could crimp bumper crops of rival oilseeds.
* Palm typically tracks soy markets as they are both food and fuel substitutes.
* On Monday, Chicago soybean prices surged 3.3 percent to notch the biggest one-day gain in nearly 13 months, as rains in parts of the U.S. Midwest delayed harvesting and weekend frost raised worries of potential crop damage.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.66 percent lower at 3,003 rupees per 100 kg.
* At 1252 GMT, the key October soyoil contract was down 0.68 percent at 609 rupees per 10 kg.
* The October rapeseed contract finished down 0.03 percent at 3,627 rupees per 100 kg.
SUGAR
Sugar futures edged up because of the festival demand.
* The key October contract was up 0.69 percent at 2,921 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures ended lower due to ample supplies.
* The October contract ended 0.29 percent lower at 2,761 rupees per 100 kg.
GUAR SEED
Indian guar seed futures rose due to good export demand despite expectations of bumper production due to good rainfall in key growing north-western state of Rajasthan.
* The October contract ended 2.37 percent higher at 5,618 rupees per 100 kg.
TURMERIC
Turmeric futures also rose on higher buying.
* The key October contract closed 0.74 percent higher at 5,990 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures rose due to a sudden rise in demand but prospects of higher output due to good rainfall in top producing Gujarat state in August capped gains.
* The key October contract closed up 3.79 percent at 10,740 rupees per 100 kg.
CORN, WHEAT
The October corn contract was down 1.38 percent at 1,001 rupees per 100 kg, while October wheat rose 0.25 percent to 1,578 rupees per 100 kg.