MARKET DEVELOPMENT
Indian Soyabean, Soyaoil Futures Rise, Rapeseed Drops
Indian Soyabean, Soyaoil Futures Rise, Rapeseed Drops
05/01/2015 (Reuters) - Indian soyaoil and soyabean futures rose on Friday, in line with benchmark palm oil prices in Malaysia, with the decision of India, the world's top vegetable oil importer, to raise the import tax also weighing on prices. Rapeseed prices dropped on profit-taking.
India has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports. At 1255 GMT, the key January soyaoil contract was up 0.94 percent at 645 rupees per 10 kg on the National Commodity and Derivatives Exchange. Malaysian palm oil edged higher on Friday, regaining ground after dropping to a one-week low earlier in the session as concern over flooding in Malaysia underpinned the market, although gains were capped by technical factors. The January soyabean contract rose 0.72 percent to 3,370 rupees per 100 kg. The key January rapeseed contract ended down 0.24 percent at 4,234 rupees per 100 kg.
SUGAR Indian sugar futures rose on expectations that the government would give incentives for raw sugar exports. The key March contract was quoted 0.33 percent higher at 2,768 rupees per 100 kg. Sugar futures are seen opening higher in the next trading session.
CHICKPEA Indian chana, or chickpea, futures rose despite India's decision to allow tax-free imports, with slack spot supplies and lower area under cultivation weighing on prices. India, the world's biggest producer and importer of pulses, has extended duty-free imports of chickpea, or chana, till March-end, due to lower area under cultivation, a government notification said. Chana futures are likely to continue to trade higher in the short term. The January contract ended up 1.07 percent at 3,492 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures ended lower due to profit-taking. The key January contract ended 1.61 percent lower at 15,305 rupees per 100 kg.
GUAR SEED Indian guar seed futures ended lower as local supplies picked up. The January contract ended 1.89 percent lower at 4,520 rupees per 100 kg.
TURMERIC Turmeric futures fell on weak export demand. The key April contract closed 0.26 percent lower at 9,312 rupees per 100 kg.
CORN, WHEAT The January corn contract was up 0.33 percent at 1,222 rupees per 100 kg, while January wheat was unchanged at 1,711 rupees per 100 kg.
India has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports. At 1255 GMT, the key January soyaoil contract was up 0.94 percent at 645 rupees per 10 kg on the National Commodity and Derivatives Exchange. Malaysian palm oil edged higher on Friday, regaining ground after dropping to a one-week low earlier in the session as concern over flooding in Malaysia underpinned the market, although gains were capped by technical factors. The January soyabean contract rose 0.72 percent to 3,370 rupees per 100 kg. The key January rapeseed contract ended down 0.24 percent at 4,234 rupees per 100 kg.
SUGAR Indian sugar futures rose on expectations that the government would give incentives for raw sugar exports. The key March contract was quoted 0.33 percent higher at 2,768 rupees per 100 kg. Sugar futures are seen opening higher in the next trading session.
CHICKPEA Indian chana, or chickpea, futures rose despite India's decision to allow tax-free imports, with slack spot supplies and lower area under cultivation weighing on prices. India, the world's biggest producer and importer of pulses, has extended duty-free imports of chickpea, or chana, till March-end, due to lower area under cultivation, a government notification said. Chana futures are likely to continue to trade higher in the short term. The January contract ended up 1.07 percent at 3,492 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures ended lower due to profit-taking. The key January contract ended 1.61 percent lower at 15,305 rupees per 100 kg.
GUAR SEED Indian guar seed futures ended lower as local supplies picked up. The January contract ended 1.89 percent lower at 4,520 rupees per 100 kg.
TURMERIC Turmeric futures fell on weak export demand. The key April contract closed 0.26 percent lower at 9,312 rupees per 100 kg.
CORN, WHEAT The January corn contract was up 0.33 percent at 1,222 rupees per 100 kg, while January wheat was unchanged at 1,711 rupees per 100 kg.