MARKET DEVELOPMENT
Indian Oilseeds, Soyoil rise, Chasing Firm Palm Oil
Indian Oilseeds, Soyoil rise, Chasing Firm Palm Oil
05/12/2013 (Reuters) - Indian oilseeds and soyoil futures rose on Wednesday, tracking gains in overseas palm oil prices and on thin soybean supplies in the local spot markets, though a rise in area under rapeseed cultivation capped the upside.
* Malaysian palm oil futures rose on Wednesday, snapping three straight days of losses on concerns that the worsening monsoon floods in key palm-growing areas would disrupt production of the tropical oil.
* "Local edible oil is reflecting the rising cost of imported palm oil. Demand is healthy for rapeseed from oil mills due to the winter season," said Faiyaz Hudani, associate vice-president, research, at Kotak Commodity Services Ltd.
* At 0856 GMT, the key January soybean contract on the National Commodity and Derivatives Exchange was up 0.4 percent at 3,804 rupees per 100 kg, while the January soyoil rose 0.54 percent to 709.80 rupees per 10 kg.
* The rapeseed contract for January was up 1.14 percent at 3,807 rupees per 100 kg.
* Indian farmers cultivated rapeseed on 6.07 million hectares as on Nov. 28, compared with 5.72 million hectares a year earlier.
* At the Indore spot market in Madhya Pradesh, soybeans dropped 53 rupees to 3,822 rupees per 100 kg, while soyoil edged lower 4.60 rupees to 697.20 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed eased 9 rupees to 3,779 rupees. ($1 = 62.3575 Indian rupees)
* Malaysian palm oil futures rose on Wednesday, snapping three straight days of losses on concerns that the worsening monsoon floods in key palm-growing areas would disrupt production of the tropical oil.
* "Local edible oil is reflecting the rising cost of imported palm oil. Demand is healthy for rapeseed from oil mills due to the winter season," said Faiyaz Hudani, associate vice-president, research, at Kotak Commodity Services Ltd.
* At 0856 GMT, the key January soybean contract on the National Commodity and Derivatives Exchange was up 0.4 percent at 3,804 rupees per 100 kg, while the January soyoil rose 0.54 percent to 709.80 rupees per 10 kg.
* The rapeseed contract for January was up 1.14 percent at 3,807 rupees per 100 kg.
* Indian farmers cultivated rapeseed on 6.07 million hectares as on Nov. 28, compared with 5.72 million hectares a year earlier.
* At the Indore spot market in Madhya Pradesh, soybeans dropped 53 rupees to 3,822 rupees per 100 kg, while soyoil edged lower 4.60 rupees to 697.20 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed eased 9 rupees to 3,779 rupees. ($1 = 62.3575 Indian rupees)