MARKET DEVELOPMENT
Indian Soyoil Slips on Weak Global Cues, Sugar on Weak Demand
Indian Soyoil Slips on Weak Global Cues, Sugar on Weak Demand
22/05/2014 (Reuters) - Indian oilseeds and soyoil futures slipped on Wednesday, tracking weak cues from Malaysian palm oil futures. Analysts expect the oilseeds futures to continue to fall in the next session as well.
* Malaysian palm oil futures fell for the fourth straight day on Wednesday, dropping to a more than four-month low after weak Chinese edible oil markets and a stronger ringgit triggered technical selling.
* The key June soybean contract closed down 0.64 percent at 4,501 rupees per 100 kg on the National Commodity and Derivatives Exchange, while the June rapeseed contract edged down 1.46 percent to close at 3,435 rupees per 100 kg.
* At 1243 GMT, the June soyoil contract was down 0.47 percent at 683.75 rupees per 10 kg.
GUAR SEED
Guar seed futures fell on subdued demand from exporters, though a forecast for lower rains and thin supplies limited the downside.
* The June contract ended down 0.96 percent at 5,170 rupees per 100 kg.
SUGAR
Sugar futures fell as higher supplies in the spot market and sluggish demand weighed on sentiment.
* The trend in the short term looks weak for sugar futures in the absence of local demand, analysts said.
* The key June contract was down 0.96 percent at 3,001 rupees per 100 kg.
TURMERIC
Turmeric futures fell more than 2 percent and is likely to continue to trade weak on Thursday due to sluggish demand from overseas buyers and large carry-forward stocks.
* The key June contract ended 2.49 percent down at 6,424 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weak due to tepid overseas inquiries, large stocks and subdued local demand.
* At Unjha, the key market in Gujarat state, the daily average arrivals have been around 20,000-25,000 bags (60 kg each).
* The key June contract closed down 2.17 percent at 11,015 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures fell due to weak demand from millers and bulk buyers amid sufficient supplies.
* The June chana contract fell 2.59 percent to 2,898 rupees per 100 kg.
CORN, WHEAT
* The June corn contract was 0.53 percent lower at 1,121 rupees per 100 kg, while June wheat fell 0.45 percent to 1,554 rupees per 100 kg.
* Malaysian palm oil futures fell for the fourth straight day on Wednesday, dropping to a more than four-month low after weak Chinese edible oil markets and a stronger ringgit triggered technical selling.
* The key June soybean contract closed down 0.64 percent at 4,501 rupees per 100 kg on the National Commodity and Derivatives Exchange, while the June rapeseed contract edged down 1.46 percent to close at 3,435 rupees per 100 kg.
* At 1243 GMT, the June soyoil contract was down 0.47 percent at 683.75 rupees per 10 kg.
GUAR SEED
Guar seed futures fell on subdued demand from exporters, though a forecast for lower rains and thin supplies limited the downside.
* The June contract ended down 0.96 percent at 5,170 rupees per 100 kg.
SUGAR
Sugar futures fell as higher supplies in the spot market and sluggish demand weighed on sentiment.
* The trend in the short term looks weak for sugar futures in the absence of local demand, analysts said.
* The key June contract was down 0.96 percent at 3,001 rupees per 100 kg.
TURMERIC
Turmeric futures fell more than 2 percent and is likely to continue to trade weak on Thursday due to sluggish demand from overseas buyers and large carry-forward stocks.
* The key June contract ended 2.49 percent down at 6,424 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures ended weak due to tepid overseas inquiries, large stocks and subdued local demand.
* At Unjha, the key market in Gujarat state, the daily average arrivals have been around 20,000-25,000 bags (60 kg each).
* The key June contract closed down 2.17 percent at 11,015 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures fell due to weak demand from millers and bulk buyers amid sufficient supplies.
* The June chana contract fell 2.59 percent to 2,898 rupees per 100 kg.
CORN, WHEAT
* The June corn contract was 0.53 percent lower at 1,121 rupees per 100 kg, while June wheat fell 0.45 percent to 1,554 rupees per 100 kg.