MARKET DEVELOPMENT
India Oilseeds, Soyoil Drop; Sugar Rises on Export Subsidy Hopes
India Oilseeds, Soyoil Drop; Sugar Rises on Export Subsidy Hopes
22/01/2015 (Reuters) - Indian soyoil and rapeseed futures dropped on Wednesday following losses in rival Malaysian plam oil and on a stronger rupee, while soybeans shed nearly 2 percent on subdued export demand for soymeal.
* Malaysian palm oil futures fell to their lowest in over two weeks on Wednesday, after worries over monsoon floods in Borneo's key palm-growing areas triggered a round of technical selling in the tropical oil.
* At 1205 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.70 percent down at 637.40 rupees per 10 kg.
* Indian palm oil imports rose 5 percent to 836,447 tonnes in December from a month earlier because of tight supplies of local soyoil plus the decision by big producers to allow duty-free exports of palm oil.
* The February soybean contract closed 1.9 percent lower at 3,393 rupees per 100 kg, while the April rapeseed contract fell 1.5 percent to 3,445 rupees per 100 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next session on bargain buying.
SUGAR
Sugar futures edged higher on hopes the government will give subsidy for exports, though rising supplies due to the ongoing cane crushing capped the upside.
* The key March contract was quoted 0.40 percent higher at 2,745 rupees per 100 kg.
* The contract is likely to extend gains in the next session.
JEERA:
Indian jeera, or cumin seed, futures fell on profit-taking driven by strong rupee.
* The key February jeera contract dropped 3.1 percent to close at 16,200 rupees per 100 kg.
* The contract is likely to open up in the next session.
CHICKPEA
Chana, or chickpea, futures dropped on sluggish demand, though a sharp drop in area under cultivation restricted the losses.
* As on January 16, farmers have cultivated chana on 8.2 million hectares, compared to 9.8 million hectares a year ago.
* The February contract closed 1.5 percent lower at 3,371 rupees per 100 kg.
TURMERIC
Turmeric futures extended losses on profit-taking and start of supplies from the new season crop.
* The key April contract closed down 3.8 percent at 8,610 rupees per 100 kg.
GUAR SEED
Guar seed futures fell on sluggish export demand for guar gum.
* The February contract closed 1.6 percent lower at 4,235 rupees per 100 kg.
CORN, WHEAT
The February corn contract was 1.13 percent lower at 1,228 rupees per 100 kg, while the February wheat contract rose 0.54 percent at 1,668 rupees per 100 kg.
* Malaysian palm oil futures fell to their lowest in over two weeks on Wednesday, after worries over monsoon floods in Borneo's key palm-growing areas triggered a round of technical selling in the tropical oil.
* At 1205 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.70 percent down at 637.40 rupees per 10 kg.
* Indian palm oil imports rose 5 percent to 836,447 tonnes in December from a month earlier because of tight supplies of local soyoil plus the decision by big producers to allow duty-free exports of palm oil.
* The February soybean contract closed 1.9 percent lower at 3,393 rupees per 100 kg, while the April rapeseed contract fell 1.5 percent to 3,445 rupees per 100 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next session on bargain buying.
SUGAR
Sugar futures edged higher on hopes the government will give subsidy for exports, though rising supplies due to the ongoing cane crushing capped the upside.
* The key March contract was quoted 0.40 percent higher at 2,745 rupees per 100 kg.
* The contract is likely to extend gains in the next session.
JEERA:
Indian jeera, or cumin seed, futures fell on profit-taking driven by strong rupee.
* The key February jeera contract dropped 3.1 percent to close at 16,200 rupees per 100 kg.
* The contract is likely to open up in the next session.
CHICKPEA
Chana, or chickpea, futures dropped on sluggish demand, though a sharp drop in area under cultivation restricted the losses.
* As on January 16, farmers have cultivated chana on 8.2 million hectares, compared to 9.8 million hectares a year ago.
* The February contract closed 1.5 percent lower at 3,371 rupees per 100 kg.
TURMERIC
Turmeric futures extended losses on profit-taking and start of supplies from the new season crop.
* The key April contract closed down 3.8 percent at 8,610 rupees per 100 kg.
GUAR SEED
Guar seed futures fell on sluggish export demand for guar gum.
* The February contract closed 1.6 percent lower at 4,235 rupees per 100 kg.
CORN, WHEAT
The February corn contract was 1.13 percent lower at 1,228 rupees per 100 kg, while the February wheat contract rose 0.54 percent at 1,668 rupees per 100 kg.