MARKET DEVELOPMENT
Indian Soybeans Fall After Weak Meal Export Data
Indian Soybeans Fall After Weak Meal Export Data
07/12/2015 (Reuters) - Indian oilseed futures fell on Friday after trade data showed oilmeal exports in November slumped 41 percent from a year earlier as crushing of soybeans declined due to higher cost of the oilseed and lower prices of oil and meal.
* The December soybean contract on the National Commodity & Derivatives Exchange fell for the sixth straight session, closing 0.16 percent lower at 3,674 rupees per 100 kg.
* Lower domestic production of soybeans supported prices.
* Rapeseed futures fell for the third consecutive day due to lean demand as key producing Rajasthan state imposed a cap on stocks dealers and millers can hold.
* The December rapeseed futures lost 0.97 percent to close at 4,679 rupees per 100 kg.
* Soyoil for December delivery was up 0.57 percent at 629.85 rupees per 10 kg at 1248 GMT. Reports that the El Nino weather pattern is likely to reduce southeast Asia's palm oil output helped soyoil futures on expectations Indian imports will be costlier, traders said.
* India is the world's biggest buyer of the cooking ingredient.
SUGAR
* The most active March sugar contract was up 0.48 percent at 2,912 rupees per 100 kg on expectations of lower production of the sweetener.
CORN, WHEAT
* The December corn futures shed 1.16 percent to end at 1,540 rupees per 100 kg on hopes of higher arrivals, while the December wheat contract slipped 0.66 percent to 1,654 rupees per 100 kg.
* The December soybean contract on the National Commodity & Derivatives Exchange fell for the sixth straight session, closing 0.16 percent lower at 3,674 rupees per 100 kg.
* Lower domestic production of soybeans supported prices.
* Rapeseed futures fell for the third consecutive day due to lean demand as key producing Rajasthan state imposed a cap on stocks dealers and millers can hold.
* The December rapeseed futures lost 0.97 percent to close at 4,679 rupees per 100 kg.
* Soyoil for December delivery was up 0.57 percent at 629.85 rupees per 10 kg at 1248 GMT. Reports that the El Nino weather pattern is likely to reduce southeast Asia's palm oil output helped soyoil futures on expectations Indian imports will be costlier, traders said.
* India is the world's biggest buyer of the cooking ingredient.
SUGAR
* The most active March sugar contract was up 0.48 percent at 2,912 rupees per 100 kg on expectations of lower production of the sweetener.
CORN, WHEAT
* The December corn futures shed 1.16 percent to end at 1,540 rupees per 100 kg on hopes of higher arrivals, while the December wheat contract slipped 0.66 percent to 1,654 rupees per 100 kg.