MARKET DEVELOPMENT
Indian Oilseeds, Soyoil Futures Fall; Chana up
Indian Oilseeds, Soyoil Futures Fall; Chana up
10/10/2014 (Reuters) - Indian oilseeds and soyoil futures dropped on Thursday, in line with the benchmark palm oil contract in Kuala Lumpur where the ringgit hovered around a three-week high.
* Higher imports of vegetable oils by India also put downward pressure on prices.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, an executive at key importer Ruchi Soya said, as lower prices, a rising population and higher incomes boost consumption.
* Malaysian palm oil fell on Thursday as the ringgit rallied and following recent declines in competing edible oil and crude prices, traders said, although recent trade and production data was seen providing support.
* Palm typically tracks soy markets as they are both food and fuel substitutes.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.69 percent lower at 3,004 rupees per 100 kg.
* At 0108 GMT, the key October soyoil contract was down 0.22 percent at 606 rupees per 10 kg.
* The October rapeseed contract finished down 0.33 percent at 3,607 rupees per 100 kg.
SUGAR
Sugar futures edged down because of oversupply.
* The key October contract was down 0.21 percent at 2,920 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures ended higher due to good demand.
* The October contract ended 2.09 percent higher at 2,828 rupees per 100 kg.
GUAR SEED
Indian guar seed futures fell due to poor export demand and on expectations of bumper production following good rainfall in the key growing north-western state of Rajasthan.
* The October contract ended 1.01 percent lower at 5,691 rupees per 100 kg.
TURMERIC
Turmeric futures rose on higher buying.
* The key October contract closed 1.99 percent higher at 6,150 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures edged down as prospects of higher output brightened after good rainfall in the top producing state of Gujarat in August.
* The key October contract closed down 0.05 percent at 10,670 rupees per 100 kg.
CORN, WHEAT
The November corn contract was up 0.97 percent at 1,046 rupees per 100 kg, while October wheat fell 1.07 percent to 1,575 rupees per 100 kg.
* Higher imports of vegetable oils by India also put downward pressure on prices.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, an executive at key importer Ruchi Soya said, as lower prices, a rising population and higher incomes boost consumption.
* Malaysian palm oil fell on Thursday as the ringgit rallied and following recent declines in competing edible oil and crude prices, traders said, although recent trade and production data was seen providing support.
* Palm typically tracks soy markets as they are both food and fuel substitutes.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.69 percent lower at 3,004 rupees per 100 kg.
* At 0108 GMT, the key October soyoil contract was down 0.22 percent at 606 rupees per 10 kg.
* The October rapeseed contract finished down 0.33 percent at 3,607 rupees per 100 kg.
SUGAR
Sugar futures edged down because of oversupply.
* The key October contract was down 0.21 percent at 2,920 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures ended higher due to good demand.
* The October contract ended 2.09 percent higher at 2,828 rupees per 100 kg.
GUAR SEED
Indian guar seed futures fell due to poor export demand and on expectations of bumper production following good rainfall in the key growing north-western state of Rajasthan.
* The October contract ended 1.01 percent lower at 5,691 rupees per 100 kg.
TURMERIC
Turmeric futures rose on higher buying.
* The key October contract closed 1.99 percent higher at 6,150 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures edged down as prospects of higher output brightened after good rainfall in the top producing state of Gujarat in August.
* The key October contract closed down 0.05 percent at 10,670 rupees per 100 kg.
CORN, WHEAT
The November corn contract was up 0.97 percent at 1,046 rupees per 100 kg, while October wheat fell 1.07 percent to 1,575 rupees per 100 kg.