MARKET DEVELOPMENT
Weak Overseas Market Drags Down Indian Oilseeds, Soyoil Futures
Weak Overseas Market Drags Down Indian Oilseeds, Soyoil Futures
20/05/2015 (Reuters) - Indian oilseeds and soyoil futures fell on Tuesday, in line with overseas palm oil prices which dived for the third straight day.
* Malaysian palm oil futures slipped for the third session on Tuesday to their lowest level in more than a week, tracking declines in competing vegetable oil markets, although a weaker ringgit provided some support and volume was light.
* The key June soyoil contract on the National Commodity and Derivatives Exchange was down 0.73 percent at 599 rupees per 10 kg at 1252 GMT.
* The June soybean futures ended at 4,058 rupees per 100 kg, down 0.97 percent, while the June rapeseed contract dropped 1.08 percent to 4,049 rupees per 100 kg.
SUGAR
Indian sugar futures fell on higher supplies.
* Top producing Maharashtra state has agreed a subsidy of 1,000 rupees ($15.6) a tonne for raw sugar exports.
* The key July contract was down 0.79 percent at 2,386 rupees per 100 kg.
* Between Oct. 1 and May 15, mills have produced 27.8 million tonnes of sugar, 3.8 million tonnes more than the previous year, said the Indian Sugar Mills Association (ISMA), a producers' body.
* Domestic sugar stocks are expected to touch 10.3 million tonnes on Oct. 1, when the next current 2015/16 season starts, the highest in past six years, the ISMA said.
* Since Oct. 1, 2014, when the current season began, mills have exported 460,000 tonnes and expect to export another 200,000-300,000 tonnes before Sept. 31.
CORN, WHEAT
* The June corn contract was down 0.25 percent at 1,187 rupees per 100 kg, while the June wheat contract closed down 0.27 percent at 1,501 rupees per 100 kg on bargain buying.
* Malaysian palm oil futures slipped for the third session on Tuesday to their lowest level in more than a week, tracking declines in competing vegetable oil markets, although a weaker ringgit provided some support and volume was light.
* The key June soyoil contract on the National Commodity and Derivatives Exchange was down 0.73 percent at 599 rupees per 10 kg at 1252 GMT.
* The June soybean futures ended at 4,058 rupees per 100 kg, down 0.97 percent, while the June rapeseed contract dropped 1.08 percent to 4,049 rupees per 100 kg.
SUGAR
Indian sugar futures fell on higher supplies.
* Top producing Maharashtra state has agreed a subsidy of 1,000 rupees ($15.6) a tonne for raw sugar exports.
* The key July contract was down 0.79 percent at 2,386 rupees per 100 kg.
* Between Oct. 1 and May 15, mills have produced 27.8 million tonnes of sugar, 3.8 million tonnes more than the previous year, said the Indian Sugar Mills Association (ISMA), a producers' body.
* Domestic sugar stocks are expected to touch 10.3 million tonnes on Oct. 1, when the next current 2015/16 season starts, the highest in past six years, the ISMA said.
* Since Oct. 1, 2014, when the current season began, mills have exported 460,000 tonnes and expect to export another 200,000-300,000 tonnes before Sept. 31.
CORN, WHEAT
* The June corn contract was down 0.25 percent at 1,187 rupees per 100 kg, while the June wheat contract closed down 0.27 percent at 1,501 rupees per 100 kg on bargain buying.