MARKET DEVELOPMENT
Indian Oilseeds Futures Rise in Line with Malaysian Palm Oil
Indian Oilseeds Futures Rise in Line with Malaysian Palm Oil
29/06/2015 (Reuters) - Indian oilseeds contracts rose on Friday in line with overseas markets where palm oil futures cloaked its first weekly gain. Malaysian palm oil futures rose in light trade on Friday to post their first weekly gain in three as the ringgit continued to retreat, but caution over Indonesia's new palm export levies kept prices in a tight trading band.
Indian soybean production is likely to jump just over 10 percent in 2015 from a year earlier to more than 10 million tonnes, boosted by ample monsoon rains. The key August soybean futures contract on the National Commodity and Derivatives Exchange ended 1.1 percent higher at 3,482 rupees per 100 kg. The July rapeseed contract rose 0.56 percent to 4,152 rupees per 100 kg. At 1255 GMT, the key August soyoil contract was down 0.07 percent at 588 rupees per 10 kg.
SUGAR Indian sugar futures fell on higher supplies. Indian sugar mills have contracted to export 50,000 tonnes of white sugar to Sri Lanka, Myanmar, Afghanistan and Turkmenistan at $340-$345 a tonne, free-on-board, the first major deal in the past few months. The key October contract fell 0.05 percent to 2,204 rupees per 100 kg.
CORN, WHEAT The July corn contract was down 0.26 percent at 1,140 rupees per 100 kg. Indian flour millers and global trading companies have sewn up deals to import 500,000 tonnes of premium Australian wheat since March, the biggest such purchases in more than a decade despite surplus stocks at home. The July wheat contract fell 0.07 percent to close at 1,469 rupees per 100 kg.
Indian soybean production is likely to jump just over 10 percent in 2015 from a year earlier to more than 10 million tonnes, boosted by ample monsoon rains. The key August soybean futures contract on the National Commodity and Derivatives Exchange ended 1.1 percent higher at 3,482 rupees per 100 kg. The July rapeseed contract rose 0.56 percent to 4,152 rupees per 100 kg. At 1255 GMT, the key August soyoil contract was down 0.07 percent at 588 rupees per 10 kg.
SUGAR Indian sugar futures fell on higher supplies. Indian sugar mills have contracted to export 50,000 tonnes of white sugar to Sri Lanka, Myanmar, Afghanistan and Turkmenistan at $340-$345 a tonne, free-on-board, the first major deal in the past few months. The key October contract fell 0.05 percent to 2,204 rupees per 100 kg.
CORN, WHEAT The July corn contract was down 0.26 percent at 1,140 rupees per 100 kg. Indian flour millers and global trading companies have sewn up deals to import 500,000 tonnes of premium Australian wheat since March, the biggest such purchases in more than a decade despite surplus stocks at home. The July wheat contract fell 0.07 percent to close at 1,469 rupees per 100 kg.