MARKET DEVELOPMENT
India Rapeseed Futures Drop to 9-mth Low; Sugar Rises on Output Concerns
India Rapeseed Futures Drop to 9-mth Low; Sugar Rises on Output Concerns
01/02/2016 (Reuters) - Indian rapeseed futures fell on Friday to their lowest level in nine months on prospects of a bumper harvest, and on rising imports of edible oils.
* Soyoil futures eased on a stronger rupee and a drop in overseas palm oil prices, while soybeans dropped on sluggish export demand for soymeal.
* The rupee jumped on Friday. A stronger rupee makes imports of edible oils cheaper and also trims returns of oilmeal exporters.
* The key April rapeseed contract on the National Commodity & Derivatives Exchange closed 1.4 percent down at 3,829 rupees per 100 kg. Earlier in the day, it fell to as low as 3,802 rupees, the lowest since April 30, 2015.
* India's edible oil imports could rise as much as 11 percent to a record 16 million tonnes in the 2015/16 marketing year that started on Nov. 1, 2015, the head of a leading trade body said in a statement.
* The February soybean contract dropped 1.6 percent to 3,726 rupees per 100 kg.
* Production of rapeseed, the main winter oilseed in India with the highest oil content, in Rajasthan state will rise more than a fifth this year, according to a government estimate.
* February soyoil futures were down 0.58 percent at 612.05 rupees per 10 kg at 1315 GMT.
SUGAR
* Sugar futures extended gains on concerns over production as the first back-to-back drought in nearly three decades hit cane plantation in the top producing western state of Maharashtra.
* The most active March sugar contract was up 0.73 percent at 3,172 rupees per 100 kg.
CORN, WHEAT
* February corn futures shed 0.3 percent to close at 1,420 rupees per 100 kg, while the February wheat contract slipped 0.42 percent to close at 1,656 rupees per 100 kg.
* Soyoil futures eased on a stronger rupee and a drop in overseas palm oil prices, while soybeans dropped on sluggish export demand for soymeal.
* The rupee jumped on Friday. A stronger rupee makes imports of edible oils cheaper and also trims returns of oilmeal exporters.
* The key April rapeseed contract on the National Commodity & Derivatives Exchange closed 1.4 percent down at 3,829 rupees per 100 kg. Earlier in the day, it fell to as low as 3,802 rupees, the lowest since April 30, 2015.
* India's edible oil imports could rise as much as 11 percent to a record 16 million tonnes in the 2015/16 marketing year that started on Nov. 1, 2015, the head of a leading trade body said in a statement.
* The February soybean contract dropped 1.6 percent to 3,726 rupees per 100 kg.
* Production of rapeseed, the main winter oilseed in India with the highest oil content, in Rajasthan state will rise more than a fifth this year, according to a government estimate.
* February soyoil futures were down 0.58 percent at 612.05 rupees per 10 kg at 1315 GMT.
SUGAR
* Sugar futures extended gains on concerns over production as the first back-to-back drought in nearly three decades hit cane plantation in the top producing western state of Maharashtra.
* The most active March sugar contract was up 0.73 percent at 3,172 rupees per 100 kg.
CORN, WHEAT
* February corn futures shed 0.3 percent to close at 1,420 rupees per 100 kg, while the February wheat contract slipped 0.42 percent to close at 1,656 rupees per 100 kg.