MARKET DEVELOPMENT
India Oilseeds, Soyoil Extend Losses on Weak Palm Oil
India Oilseeds, Soyoil Extend Losses on Weak Palm Oil
23/01/2015 (Reuters) - Indian soyoil and rapeseed futures extended their losses on Thursday on a drop in Malaysian palm oil and higher imports of edible oils, while soybeans fell on sluggish export demand for soymeal.
* Malaysian palm oil futures dropped to their lowest level in three weeks on Thursday as the ringgit ticked up and crude oil prices continued to languish.
* At 1209 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 1.09 percent down at 629.95 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 percent lower at 3,359 rupees per 100 kg, while the April rapeseed contract eased 0.4 percent to 3,431 rupees per 100 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next session on bargain buying.
SUGAR
Sugar futures dropped on sluggish demand and rising supplies due to the ongoing cane crushing.
* The key March contract was quoted 1.31 percent lower at 2,708 rupees per 100 kg.
* The contract is likely to extend losses in the next session.
JEERA
Indian jeera, or cumin seed, futures fell on an expected rise in supplies starting next month.
* The key February jeera contract dropped 1.5 percent to close at 15,960 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures dropped on sluggish demand, though a sharp drop in the area under cultivation restricted the losses.
* As on Jan. 16, farmers had cultivated chana on 8.2 million hectares, compared with 9.8 million hectares a year earlier.
* The February contract closed 2.3 percent lower at 3,294 rupees per 100 kg.
TURMERIC
Turmeric futures extended losses on profit-taking and the start of supplies from the new season crop.
* The key April contract closed down 1.2 percent at 8,504 rupees per 100 kg.
GUAR SEED
Guar seed futures rose on bargain-buying.
* The February contract closed 3.4 percent higher at 4,379 rupees per 100 kg.
CORN, WHEAT
The February corn contract was unchanged at 1,233 rupees per 100 kg, while the February wheat contract fell 0.7 percent to 1,656 rupees per 100 kg.
* Malaysian palm oil futures dropped to their lowest level in three weeks on Thursday as the ringgit ticked up and crude oil prices continued to languish.
* At 1209 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 1.09 percent down at 629.95 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 percent lower at 3,359 rupees per 100 kg, while the April rapeseed contract eased 0.4 percent to 3,431 rupees per 100 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next session on bargain buying.
SUGAR
Sugar futures dropped on sluggish demand and rising supplies due to the ongoing cane crushing.
* The key March contract was quoted 1.31 percent lower at 2,708 rupees per 100 kg.
* The contract is likely to extend losses in the next session.
JEERA
Indian jeera, or cumin seed, futures fell on an expected rise in supplies starting next month.
* The key February jeera contract dropped 1.5 percent to close at 15,960 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures dropped on sluggish demand, though a sharp drop in the area under cultivation restricted the losses.
* As on Jan. 16, farmers had cultivated chana on 8.2 million hectares, compared with 9.8 million hectares a year earlier.
* The February contract closed 2.3 percent lower at 3,294 rupees per 100 kg.
TURMERIC
Turmeric futures extended losses on profit-taking and the start of supplies from the new season crop.
* The key April contract closed down 1.2 percent at 8,504 rupees per 100 kg.
GUAR SEED
Guar seed futures rose on bargain-buying.
* The February contract closed 3.4 percent higher at 4,379 rupees per 100 kg.
CORN, WHEAT
The February corn contract was unchanged at 1,233 rupees per 100 kg, while the February wheat contract fell 0.7 percent to 1,656 rupees per 100 kg.