MARKET DEVELOPMENT
Indian Soyoil Drops on Higher Palm Oil Imports; Sugar Rises
Indian Soyoil Drops on Higher Palm Oil Imports; Sugar Rises
01/10/2014 (Reuters) - Indian soybean futures edged up on Tuesday on bargain buying, driven by a weak rupee, while soyoil eased due to a surge in import of cheaper palm oil.
* A weak rupee raises returns of oilmeal exporters and make imports of edible oil expensive. The rupee fell on Tuesday.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, as lower prices, rising population and higher incomes boost consumption.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.07 percent higher at 3,063 rupees per 100 kg, after falling to 3,024 rupees last week, the lowest level in more than 13 months.
* October rapeseed contract finished up 0.5 percent at 3,647 rupees per 100 kg.
* At 1218 GMT, the key October soyoil contract was down 0.22 percent at 616.40 rupees per 10 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next trading session, following gains in rival Malaysian palm oil.
SUGAR
Sugar futures edged higher, tracking gains in overseas market and on an improvement in demand due to festivals, though ample supplies capped the upside.
* The key October contract was up 0.21 percent at 2,897 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures rose on festive demand and buying at lower levels after hitting a contract low in the previous session.
* The October contract closed 0.25 percent higher at 2,770 rupees per 100 kg, after hitting a contract low of 2,743 rupees in the previous session.
GUAR SEED
Indian guar seed futures dropped on hopes of bumper production due to good rainfall in key growing north-western state of Rajasthan capped the upside.
* The October contract ended 1.5 percent lower at 5,560 rupees per 100 kg.
TURMERIC
Turmeric futures eased on expectations of higher production.
* The key October contract closed 0.3 percent lower at 6,014 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures fell on prospects of higher output due to good rainfall in top producing Gujarat state.
* The key October contract closed down 1.64 percent at 10,795 rupees per 100 kg.
CORN, WHEAT
The October corn contract was unchanged at 1,039 rupees per 100 kg, while October wheat nudged up 0.06 percent to 1,578 rupees per 100 kg.
* A weak rupee raises returns of oilmeal exporters and make imports of edible oil expensive. The rupee fell on Tuesday.
* India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, as lower prices, rising population and higher incomes boost consumption.
* The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.07 percent higher at 3,063 rupees per 100 kg, after falling to 3,024 rupees last week, the lowest level in more than 13 months.
* October rapeseed contract finished up 0.5 percent at 3,647 rupees per 100 kg.
* At 1218 GMT, the key October soyoil contract was down 0.22 percent at 616.40 rupees per 10 kg.
* Oilseeds and soyoil futures are likely to edge higher in the next trading session, following gains in rival Malaysian palm oil.
SUGAR
Sugar futures edged higher, tracking gains in overseas market and on an improvement in demand due to festivals, though ample supplies capped the upside.
* The key October contract was up 0.21 percent at 2,897 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures rose on festive demand and buying at lower levels after hitting a contract low in the previous session.
* The October contract closed 0.25 percent higher at 2,770 rupees per 100 kg, after hitting a contract low of 2,743 rupees in the previous session.
GUAR SEED
Indian guar seed futures dropped on hopes of bumper production due to good rainfall in key growing north-western state of Rajasthan capped the upside.
* The October contract ended 1.5 percent lower at 5,560 rupees per 100 kg.
TURMERIC
Turmeric futures eased on expectations of higher production.
* The key October contract closed 0.3 percent lower at 6,014 rupees per 100 kg.
CUMIN SEED
Jeera, or cumin seed, futures fell on prospects of higher output due to good rainfall in top producing Gujarat state.
* The key October contract closed down 1.64 percent at 10,795 rupees per 100 kg.
CORN, WHEAT
The October corn contract was unchanged at 1,039 rupees per 100 kg, while October wheat nudged up 0.06 percent to 1,578 rupees per 100 kg.