MARKET DEVELOPMENT
India Soybeans Rise on Output Concerns; Rapeseed Drops
India Soybeans Rise on Output Concerns; Rapeseed Drops
18/05/2015 (Reuters) - Indian soybeans futures rose on Friday on thin supplies in spot markets and on concerns below-normal monsoon rains may adversely affect the oilseed's output, while rapeseed eased on a drop in Malaysian palm oil prices.
* Malaysian palm oil futures eased further from 5-week highs hit earlier in the week, although strong export data from the world's No.2 producer of the edible oil helped prices post a second straight weekly gain.
* At 1200 GMT, the key June soyoil contract on the National Commodity and Derivatives Exchange was up 0.36 percent at 607 rupees per 10 kg.
* The June soybean futures ended 1.1 percent higher at 4,103 rupees per 100 kg, while the June rapeseed contract eased 0.25 percent to 4,052 rupees per 100 kg.
SUGAR:
Indian sugar futures were treading water as hopes the subsidy announced by top-producing Maharashtra state would boost shipments of raw sugar offset surplus production.
* The western Indian state approved a subsidy of 1,000 rupees ($15.6) per tonne for raw sugar exports, in an attempt to reduce inventory that has depressed local prices.
* The key July contract was quoted 0.04 percent lower at 2,408 rupees per 100 kg.
* Demand for sugar from ice-cream and beverage makers typically rises during the summer.
CORN, WHEAT
* The June corn contract was down 0.34 percent at 1,181 rupees per 100 kg, while the June wheat contract closed up 0.81 percent at 1,499 rupees per 100 kg on bargain buying.
* Malaysian palm oil futures eased further from 5-week highs hit earlier in the week, although strong export data from the world's No.2 producer of the edible oil helped prices post a second straight weekly gain.
* At 1200 GMT, the key June soyoil contract on the National Commodity and Derivatives Exchange was up 0.36 percent at 607 rupees per 10 kg.
* The June soybean futures ended 1.1 percent higher at 4,103 rupees per 100 kg, while the June rapeseed contract eased 0.25 percent to 4,052 rupees per 100 kg.
SUGAR:
Indian sugar futures were treading water as hopes the subsidy announced by top-producing Maharashtra state would boost shipments of raw sugar offset surplus production.
* The western Indian state approved a subsidy of 1,000 rupees ($15.6) per tonne for raw sugar exports, in an attempt to reduce inventory that has depressed local prices.
* The key July contract was quoted 0.04 percent lower at 2,408 rupees per 100 kg.
* Demand for sugar from ice-cream and beverage makers typically rises during the summer.
CORN, WHEAT
* The June corn contract was down 0.34 percent at 1,181 rupees per 100 kg, while the June wheat contract closed up 0.81 percent at 1,499 rupees per 100 kg on bargain buying.