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MARKET DEVELOPMENT
Indian Soybeans Gain on Fears of Crop Damage
calendar10-08-2016 | linkReuters | Share This Post:

10/08/2016 (Reuters) - Indian soybean futures rose on Tuesday on fears of damage to the new crop as heavy rains are forecast to lash key producing Madhya Pradesh state, while rapeseed dropped on weak demand.

* The October soybean contract on the National Commodity & Derivatives Exchange ended 0.6 percent up at 3,613 rupees per 100 kg.

* The September rapeseed contract fell 0.9 percent to 4,851 rupees per 100 kg.

* Demand from stockists and millers is low due to higher prices of the oilseed at a time of tight supplies.

* September soyoil futures were trading 0.3 percent up at 642.60 rupees per 10 kg at 1349 GMT due to expectations of rising edible oil demand.

* Gains in Malaysian palm oil futures also helped sentiment.

SUGAR

* The most-active October sugar contract was trading 0.3 percent lower at 3,691 rupees per 100 kg as Indian farmers have planted more cane compared with the last year.

CORN, WHEAT

* August corn futures slipped 0.1 percent to 1,473 rupees per 100 kg while the September wheat contract shed 0.4 percent to close at 1,710 rupees per 100 kg.