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Indian Oilseeds, Soyaoil Drop
calendar01-07-2015 | linkReuters | Share This Post:

01/07/2015 (Reuters) - Indian oilseeds and soyaoil futures eased on Tuesday on a strong rupee and a drop in Malaysian palm oil prices. A strong rupee makes edible oil imports cheaper and also trims returns of oilmeal exporters. The rupee rose on Tuesday. Malaysian palm oil futures flirted with one-month lows on Tuesday, falling as much as 2 percent with sentiment hit by the collapse of Greek bailout talks.

The key August soyabean futures contract on the National Commodity and Derivatives Exchange ended 0.9 percent lower at 3,560 rupees per 100 kg. The July rapeseed contract fell 0.6 percent to 4,207 rupees per 100 kg. At 1223 GMT, the key August soyaoil contract was down 0.55 percent at 582.05 rupees per 10 kg.

SUGAR Indian sugar futures edged higher as mills got few export orders, though ample supplies capped the upside. Indian sugar mills have contracted to export 50,000 tonnes of white sugar to Sri Lanka, Myanmar, Afghanistan and Turkmenistan at $340-$345 a tonne, free-on-board, the first major deal in the past few months. The key October contract was quoted 0.14 percent higher at 2,189 rupees per 100 kg.

CORN, WHEAT The July corn contract was down 0.43 percent at 1,166 rupees per 100 kg, while the July wheat contract closed 0.3 percent up at 1,472 rupees per 100 kg. Indian flour millers and global trading companies have sewn up deals to import 500,000 tonnes of premium Australian wheat since March, the biggest such purchases in more than a decade despite surplus stocks at home.