MARKET DEVELOPMENT
Indian Soybeans Rise on Crop Damage Concerns; Sugar Down
Indian Soybeans Rise on Crop Damage Concerns; Sugar Down
22/09/2015 (Reuters) - Indian soyoil futures rose on Monday tracking gains in Malaysian palm oil, while soybeans edged up on concerns over crop damage due to erratic weather in key growing states.
* Malaysian palm oil futures rose as much as 3 percent as monthly cargo surveyor export data and a weak ringgit combined to support prices.
* The key October soybean futures contract on the National Commodity and Derivatives Exchange ended 0.3 percent higher at 3,226 rupees per 100 kg, while the October rapeseed contract dropped 0.24 percent to 4,232 rupees per 100 kg.
* India is likely to produce 9 to 9.5 million tonnes of soybeans in 2015, down from an earlier estimate of over 10 million tonnes, due to erratic rainfall in the top two producing states.
* At 1200 GMT, the key October soyoil contract was up 0.35 percent at 573.75 rupees per 10 kg.
SUGAR
Indian sugar futures eased on profit-taking, driven by ample stocks, though the government's decision to make exports compulsory limited the downside.
* India announced new rules on Friday making it compulsory for sugar producers to ramp up exports to at least 4 million tonnes in the forthcoming crushing season, up from 1.3 million tonnes in the current season, to cut stockpiles.
* The key October contract was quoted 0.20 percent lower at 2,469 rupees per 100 kg.
CORN, WHEAT
* The October corn contract eased 0.07 percent to 1,400 rupees per 100 kg, while the October wheat contract closed 0.65 percent higher at 1,555 rupees per 100 kg.
* Malaysian palm oil futures rose as much as 3 percent as monthly cargo surveyor export data and a weak ringgit combined to support prices.
* The key October soybean futures contract on the National Commodity and Derivatives Exchange ended 0.3 percent higher at 3,226 rupees per 100 kg, while the October rapeseed contract dropped 0.24 percent to 4,232 rupees per 100 kg.
* India is likely to produce 9 to 9.5 million tonnes of soybeans in 2015, down from an earlier estimate of over 10 million tonnes, due to erratic rainfall in the top two producing states.
* At 1200 GMT, the key October soyoil contract was up 0.35 percent at 573.75 rupees per 10 kg.
SUGAR
Indian sugar futures eased on profit-taking, driven by ample stocks, though the government's decision to make exports compulsory limited the downside.
* India announced new rules on Friday making it compulsory for sugar producers to ramp up exports to at least 4 million tonnes in the forthcoming crushing season, up from 1.3 million tonnes in the current season, to cut stockpiles.
* The key October contract was quoted 0.20 percent lower at 2,469 rupees per 100 kg.
CORN, WHEAT
* The October corn contract eased 0.07 percent to 1,400 rupees per 100 kg, while the October wheat contract closed 0.65 percent higher at 1,555 rupees per 100 kg.