MARKET DEVELOPMENT
Indian Soybean, Soyoil Drop on Global Cues, Weak Meal Exports
Indian Soybean, Soyoil Drop on Global Cues, Weak Meal Exports
07/01/2014 (Reuters) - Indian soybean and soyoil futures dropped on Tuesday, following losses in the overseas markets and as export demand for soymeal from India was weak due to higher prices.
* Rapeseed futures were treading water as concerns over production due to extreme cold weather offset a drop in edible oil prices.
* Malaysian palm oil futures edged lower on Tuesday, hovering near a two-week low and stretching losses into a fourth straight day, while U.S. soybeans fell ahead of a key supply-demand report due on Friday.
* At 0729 GMT, the key February soybean contract was 1.21 percent lower at 3,668 rupees ($58.83) per 100 kg on the National Commodity and Derivatives Exchange.
* "Indian soybean prices are under selling pressure due to reports of lower export demand for higher priced soymeal," said Tushar Rathod, a senior analyst at ADMISI Commodities Pvt. Ltd.
"Weak overseas prices are also adding selling pressure."
* India's soymeal exports fell 10.32 percent to 451,314 tonnes in December from a month ago, a leading trade body said on Tuesday, as higher premiums hit overseas sales.
* The February soyoil contract fell 0.70 percent to 674.60 rupees per 10 kg, while the rapeseed contract for January eased 0.14 percent to 3,627 rupees per 100 kg.
* A weaker rupee makes edible oil imports expensive, but raises margins of oilmeal exporters. The rupee was down on Tuesday.
* Cold wave conditions are prevailing in some parts of Rajasthan, the top rapeseed producing state in India, the weather department said on Tuesday. Extreme cold weather for a prolonged period can trim rapeseed yields, dealers said.
* At the Indore spot market in Madhya Pradesh state, soybeans fell by 32 rupees to 3,788 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed eased 17 rupees to 3,683 rupees. ($1 = 62.3450 Indian rupees)
* Rapeseed futures were treading water as concerns over production due to extreme cold weather offset a drop in edible oil prices.
* Malaysian palm oil futures edged lower on Tuesday, hovering near a two-week low and stretching losses into a fourth straight day, while U.S. soybeans fell ahead of a key supply-demand report due on Friday.
* At 0729 GMT, the key February soybean contract was 1.21 percent lower at 3,668 rupees ($58.83) per 100 kg on the National Commodity and Derivatives Exchange.
* "Indian soybean prices are under selling pressure due to reports of lower export demand for higher priced soymeal," said Tushar Rathod, a senior analyst at ADMISI Commodities Pvt. Ltd.
"Weak overseas prices are also adding selling pressure."
* India's soymeal exports fell 10.32 percent to 451,314 tonnes in December from a month ago, a leading trade body said on Tuesday, as higher premiums hit overseas sales.
* The February soyoil contract fell 0.70 percent to 674.60 rupees per 10 kg, while the rapeseed contract for January eased 0.14 percent to 3,627 rupees per 100 kg.
* A weaker rupee makes edible oil imports expensive, but raises margins of oilmeal exporters. The rupee was down on Tuesday.
* Cold wave conditions are prevailing in some parts of Rajasthan, the top rapeseed producing state in India, the weather department said on Tuesday. Extreme cold weather for a prolonged period can trim rapeseed yields, dealers said.
* At the Indore spot market in Madhya Pradesh state, soybeans fell by 32 rupees to 3,788 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed eased 17 rupees to 3,683 rupees. ($1 = 62.3450 Indian rupees)