MARKET DEVELOPMENT
Indian Oilseeds Drop on Higher Sowing, Weak Export Demand
Indian Oilseeds Drop on Higher Sowing, Weak Export Demand
08/07/2015 (Reuters) - Indian oilseeds and soyoil futures fell on Tuesday on weak export demand for oilmeals and higher sowing.
* Indian farmers have cultivated summer-sown oilseeds on 7.4 million hectares as on July 3, compared to 1.47 million hectares a year ago.
* Malaysian palm oil closed lower on Tuesday, under pressure from concerns over Greece's position in the euro zone and weakness in rival soybean oil, although losses were limited by expectations of lower production.
* The key August soybean contract on the National Commodity and Derivatives Exchange closed 0.54 percent lower at 3,476 rupees per 100 kg, while the July rapeseed contract fell 0.5 percent to 4,156 rupees per 100 kg.
* At 1310 GMT, the key August soyoil contract was down 0.76 percent at 577.45 rupees per 10 kg.
SUGAR
* Sugar was down due to ample supplies and lower local demand.
* The key October contract was quoted at 2,219 rupees per 100 kg, down 0.05 percent.
CORN, WHEAT
* The July corn contract was up 0.41 percent at 1,207 rupees per 100 kg, as rains damaged the crop in some parts of India, while the July wheat contract ended unchanged at 1,502 rupees.
* Indian farmers have cultivated summer-sown oilseeds on 7.4 million hectares as on July 3, compared to 1.47 million hectares a year ago.
* Malaysian palm oil closed lower on Tuesday, under pressure from concerns over Greece's position in the euro zone and weakness in rival soybean oil, although losses were limited by expectations of lower production.
* The key August soybean contract on the National Commodity and Derivatives Exchange closed 0.54 percent lower at 3,476 rupees per 100 kg, while the July rapeseed contract fell 0.5 percent to 4,156 rupees per 100 kg.
* At 1310 GMT, the key August soyoil contract was down 0.76 percent at 577.45 rupees per 10 kg.
SUGAR
* Sugar was down due to ample supplies and lower local demand.
* The key October contract was quoted at 2,219 rupees per 100 kg, down 0.05 percent.
CORN, WHEAT
* The July corn contract was up 0.41 percent at 1,207 rupees per 100 kg, as rains damaged the crop in some parts of India, while the July wheat contract ended unchanged at 1,502 rupees.