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MARKET DEVELOPMENT
Indian Soyoil, Oilseeds Futures Fall After Palm Hits 6 Week-Low
calendar30-01-2015 | linkReuters | Share This Post:

30/01/2015 (Reuters) - Indian soyoil, soybean and rapeseed futures fell on Thursday after benchmark Malaysian palm oil futures fell to a six-week low on poor demand and ample supplies of vegetable oils.

* Malaysian palm oil slid more than 3 percent on Thursday as the market snapped two sessions of gains to drop to its lowest in almost six weeks, under pressure from plentiful global edible oil supplies and slowing demand.

* At 1251 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.42 percent down at 610 rupees per 10 kg.

* The February soybean contract closed 0.12 percent lower at 3,333 rupees per 100 kg, while the April rapeseed contract fell 0.48 percent to 3,312 rupees per 100 kg.

SUGAR

Sugar futures fell on sluggish demand and rising supplies due to ongoing cane crushing capped the upside.

* The key March contract was quoted 0.51 percent lower at 2,735 rupees per 100 kg.

JEERA

Indian jeera, or cumin seed, futures fell as supplies are expected to rise starting next month due to the likely arrival of the new-season crop.

* The key February jeera contract dropped 0.78 percent to 14,610 rupees per 100 kg.

CHICKPEA

Chana, or chickpea, futures edged up due to a sharp drop in the area under cultivation.

* As on Jan. 23, farmers had cultivated chana on 8.2 million hectares, compared with 9.87 million hectares a year earlier.

* The February contract closed 2.28 percent higher at 3,416 rupees per 100 kg.

TURMERIC

Turmeric futures gained due to buoyant demand.

* The key April contract closed up 1.62 percent at 8,274 rupees per 100 kg.

GUAR SEED

Guar seed futures rose on strong export demand for guar gum.

* The February contract closed 1.8 percent higher at 4,138 rupees per 100 kg.

CORN, WHEAT

The February corn contract was up 0.26 percent at 1,173 rupees per 100 kg, while the February wheat contract fell 0.06 percent to 1,670 rupees per 100 kg.