MARKET DEVELOPMENT
Indian Soyoil Hits Two-Month High on Firm Palm Oil; Oilseeds Up
Indian Soyoil Hits Two-Month High on Firm Palm Oil; Oilseeds Up
27/08/2013 (Reuters) - Indian soyoil futures rose on Monday to their highest level in more than two months, while the soybean contract hit a five-week high as gains in overseas markets and concerns about local soybean output bolstered sentiment.
* Malaysian palm oil futures surged to their highest in more than two months on Monday as a hot spell in the U.S. Midwest threatened to curb soybean yields and signalled tighter global edible oil supplies.
* "The tables have suddenly turned. Now the rupee is weak, heavy rainfall is hurting soybean crop and international markets are also rallying. All these things have wiped out the impact of higher oilseeds acreage," said an Indore-based dealer.
* Soybean yields are likely to drop due to heavy rainfall in India's top producer Madhya Pradesh state, an industry official said on Monday.
* At 0823 GMT, the key October soybean contract was up 3.24 percent at 3,509 rupees per 100 kg on the National Commodity and Derivatives Exchange. It earlier rose to 3,525.50 rupees, the highest level since July 19.
* India has sold 350,000 to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, an industry official said.
* The key September soyoil contract was up 1.47 percent at 695.50 rupees per 10 kg, after rising to 702 rupees earlier in the day, the highest since June 21.
* The rapeseed contract for September jumped 1.88 percent to 3,517 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil edged up 1.45 rupees to 701.85 rupees per 10 kg, while soybeans jumped by 67 rupees to 3,768 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 33 rupees to 3,658 rupees.
* As of Aug. 22, soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier, farm ministry data showed last week.
* Malaysian palm oil futures surged to their highest in more than two months on Monday as a hot spell in the U.S. Midwest threatened to curb soybean yields and signalled tighter global edible oil supplies.
* "The tables have suddenly turned. Now the rupee is weak, heavy rainfall is hurting soybean crop and international markets are also rallying. All these things have wiped out the impact of higher oilseeds acreage," said an Indore-based dealer.
* Soybean yields are likely to drop due to heavy rainfall in India's top producer Madhya Pradesh state, an industry official said on Monday.
* At 0823 GMT, the key October soybean contract was up 3.24 percent at 3,509 rupees per 100 kg on the National Commodity and Derivatives Exchange. It earlier rose to 3,525.50 rupees, the highest level since July 19.
* India has sold 350,000 to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, an industry official said.
* The key September soyoil contract was up 1.47 percent at 695.50 rupees per 10 kg, after rising to 702 rupees earlier in the day, the highest since June 21.
* The rapeseed contract for September jumped 1.88 percent to 3,517 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil edged up 1.45 rupees to 701.85 rupees per 10 kg, while soybeans jumped by 67 rupees to 3,768 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 33 rupees to 3,658 rupees.
* As of Aug. 22, soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier, farm ministry data showed last week.