MARKET DEVELOPMENT
Indian Soyoil Drops on Weak Palm Oil, Sugar on Ample Supply
Indian Soyoil Drops on Weak Palm Oil, Sugar on Ample Supply
30/04/2015 (Reuters) - Indian oilseeds futures fell on Wednesday on profit-taking, driven by sluggish export demand for oilmeals, while soyoil dropped following losses in rival Malaysian palm oil.
* Malaysian palm oil futures touched a fresh eight-month low, tracking weakness in comparative edible oils, although traders expect selling pressure to reduce ahead of the long weekend.
* At 12:15 GMT, the key June soyoil contract on the National Commodity and Derivatives Exchange was down 0.89 percent at 581.90 rupees per 10 kg.
* The June soybean futures ended 1.7 percent lower at 3,973 rupees per 100 kg, while the May rapeseed contract fell 0.5 percent to 3,786 rupees per 100 kg.
SUGAR
Indian sugar futures fell on ample supplies and as overseas prices dropped.
* New York raw sugar edged down after the latest data on Tuesday from Brazil's cane industry group Unica for the cane crush in the first half of April were at the high end of traders' expectations.
* India, the world's biggest sugar consumer, is likely to produce 27 million tonnes of the sweetener in 2014/15, up nearly 2 percent from the previous estimate.
* The key May contract was quoted 1.24 percent lower at 2,467 rupees per 100 kg.
* India has raised the import tax on sugar to 40 percent from 25 percent to help prop up falling local prices and protect local farmers who have not been paid by money-losing mills.
CHANA
Indian chana, or chickpea, futures ended steady as rising supplies from the new season crop offset concerns over production due to untimely rainfall in key producing areas.
* The May contract ended 0.07 percent down at 4,204 rupees per 100 kg.
* Untimely rains in the last few weeks in the central state of Madhya Pradesh and in western state of Maharashtra damaged the mature chana crop in some districts.
GUAR SEED
Indian guar seed futures ended down on sluggish export demand for guar gum.
* The May contract closed 4.9 percent lower at 4,837 rupees per 100 kg.
CUMIN SEED
Indian jeera, or cumin seed, futures ended down on rising supplies from the new season crop.
* The key May jeera contract fell 1.5 percent to 17,895 rupees per 100 kg.
TURMERIC
Turmeric futures dropped on weak export demand.
* The key May contract closed down 3.5 percent at 8,362 rupees per 100 kg.
CORN, WHEAT
The May corn contract edged down 0.17 percent to 1,192 rupees per 100 kg, while the May wheat contract closed up 0.3 percent at 1,466 rupees per 100 kg.
* Malaysian palm oil futures touched a fresh eight-month low, tracking weakness in comparative edible oils, although traders expect selling pressure to reduce ahead of the long weekend.
* At 12:15 GMT, the key June soyoil contract on the National Commodity and Derivatives Exchange was down 0.89 percent at 581.90 rupees per 10 kg.
* The June soybean futures ended 1.7 percent lower at 3,973 rupees per 100 kg, while the May rapeseed contract fell 0.5 percent to 3,786 rupees per 100 kg.
SUGAR
Indian sugar futures fell on ample supplies and as overseas prices dropped.
* New York raw sugar edged down after the latest data on Tuesday from Brazil's cane industry group Unica for the cane crush in the first half of April were at the high end of traders' expectations.
* India, the world's biggest sugar consumer, is likely to produce 27 million tonnes of the sweetener in 2014/15, up nearly 2 percent from the previous estimate.
* The key May contract was quoted 1.24 percent lower at 2,467 rupees per 100 kg.
* India has raised the import tax on sugar to 40 percent from 25 percent to help prop up falling local prices and protect local farmers who have not been paid by money-losing mills.
CHANA
Indian chana, or chickpea, futures ended steady as rising supplies from the new season crop offset concerns over production due to untimely rainfall in key producing areas.
* The May contract ended 0.07 percent down at 4,204 rupees per 100 kg.
* Untimely rains in the last few weeks in the central state of Madhya Pradesh and in western state of Maharashtra damaged the mature chana crop in some districts.
GUAR SEED
Indian guar seed futures ended down on sluggish export demand for guar gum.
* The May contract closed 4.9 percent lower at 4,837 rupees per 100 kg.
CUMIN SEED
Indian jeera, or cumin seed, futures ended down on rising supplies from the new season crop.
* The key May jeera contract fell 1.5 percent to 17,895 rupees per 100 kg.
TURMERIC
Turmeric futures dropped on weak export demand.
* The key May contract closed down 3.5 percent at 8,362 rupees per 100 kg.
CORN, WHEAT
The May corn contract edged down 0.17 percent to 1,192 rupees per 100 kg, while the May wheat contract closed up 0.3 percent at 1,466 rupees per 100 kg.