MARKET DEVELOPMENT
Indian Soyoil, Soybean, Rapeseed Futures Rise in Line With Palm Oil
Indian Soyoil, Soybean, Rapeseed Futures Rise in Line With Palm Oil
25/02/2015 (Reuters) - Indian soyoil, soybean and rapeseed futures rose on Tuesday, in line with gains in benchmark palm oil prices in Malaysia.
* Malaysian palm oil futures ended higher, pausing a slide from the previous day's session as weak prices attracted buyers, although poor sentiment from external markets capped gains and kept prices near 2-1/2 week lows.
* At 1241 GMT, the key April soyoil contract was 0.91 percent up at 596 rupees per 10 kg on the National Commodity and Derivatives Exchange.
* The April rapeseed contract rose 0.39 percent to 3,350 rupees per 100 kg, while the April soybean contract closed 0.65 percent up at 3,405 rupees per 100 kg.
GUAR SEED
Indian guar seed futures dropped on weak export and local demand.
* The March contract closed 1.40 percent lower at 3,587 rupees per 100 kg.
* Guar seed futures are likely to open lower in the next trading session, as well.
CHANA
Indian chana, or chickpea, futures ended higher on fresh demand.
* The April contract closed 0.94 percent up at 3,660 rupees per 100 kg.
TURMERIC
Turmeric futures fell on sluggish local demand and weak enquiries from overseas buyers.
* The key April contract closed down 0.11 percent at 8,850 rupees per 100 kg.
* Turmeric futures may open steady on Wednesday due to concerns over lower output.
SUGAR
Sugar futures fell due to a drop in demand in the spot market amid ample supplies.
* The key March contract was quoted 0.87 percent down at 2,606 rupees per 100 kg.
* On Feb. 19, India approved a plan to provide 4,000 rupees ($64) a tonne of subsidy to mills for production and exports of up to 1.4 million tonnes of raw sugar.
* Indian mills are likely to struggle to export raw sugar, despite a government subsidy to boost shipments, as global prices remain weak with large supplies from top producer Brazil set to flood the market soon.
JEERA
Indian jeera, or cumin seed, futures fell despite reports of lower area under cultivation.
* The key March jeera contract fell 2.74 percent to 15,140 rupees per 100 kg.
CORN, WHEAT
* The March corn contract ended down 0.56 percent at 1,250 rupees per 100 kg, while the March wheat contract was 0.32 percent higher at 1,590 rupees per 100 kg.
* Malaysian palm oil futures ended higher, pausing a slide from the previous day's session as weak prices attracted buyers, although poor sentiment from external markets capped gains and kept prices near 2-1/2 week lows.
* At 1241 GMT, the key April soyoil contract was 0.91 percent up at 596 rupees per 10 kg on the National Commodity and Derivatives Exchange.
* The April rapeseed contract rose 0.39 percent to 3,350 rupees per 100 kg, while the April soybean contract closed 0.65 percent up at 3,405 rupees per 100 kg.
GUAR SEED
Indian guar seed futures dropped on weak export and local demand.
* The March contract closed 1.40 percent lower at 3,587 rupees per 100 kg.
* Guar seed futures are likely to open lower in the next trading session, as well.
CHANA
Indian chana, or chickpea, futures ended higher on fresh demand.
* The April contract closed 0.94 percent up at 3,660 rupees per 100 kg.
TURMERIC
Turmeric futures fell on sluggish local demand and weak enquiries from overseas buyers.
* The key April contract closed down 0.11 percent at 8,850 rupees per 100 kg.
* Turmeric futures may open steady on Wednesday due to concerns over lower output.
SUGAR
Sugar futures fell due to a drop in demand in the spot market amid ample supplies.
* The key March contract was quoted 0.87 percent down at 2,606 rupees per 100 kg.
* On Feb. 19, India approved a plan to provide 4,000 rupees ($64) a tonne of subsidy to mills for production and exports of up to 1.4 million tonnes of raw sugar.
* Indian mills are likely to struggle to export raw sugar, despite a government subsidy to boost shipments, as global prices remain weak with large supplies from top producer Brazil set to flood the market soon.
JEERA
Indian jeera, or cumin seed, futures fell despite reports of lower area under cultivation.
* The key March jeera contract fell 2.74 percent to 15,140 rupees per 100 kg.
CORN, WHEAT
* The March corn contract ended down 0.56 percent at 1,250 rupees per 100 kg, while the March wheat contract was 0.32 percent higher at 1,590 rupees per 100 kg.