MARKET DEVELOPMENT
Indian Oilseeds Gain, Rapeseed Hits Record High on Weak Soybean Output Hopes
Indian Oilseeds Gain, Rapeseed Hits Record High on Weak Soybean Output Hopes
06/10/2015 (Reuters) - Indian oilseeds and soyoil rose on Monday, with rapeseed prices hitting a record high, as expectations of a weak soybean crop due to poor rains pushed domestic oil futures' prices higher.
* Gains also tracked global markets as Malaysian palm oil futures continued their rise on Monday after climbing for the past two weeks, supported by strong gains in rival oilseed and crude oil prices.
* The most active November soybean contract on the National Commodity and Derivatives Exchange ended 3.98 percent higher at 3,681 rupees per 100 kg after rising to its highest level since June.
The November rapeseed futures surged 3.63 percent to 4,821 rupees per 100 kg after touching a record high of 4,838 rupees earlier in the session.
* India's soybean yields are expected to fall this year as the first back-to-back drought in three decades wilts crops, offseting an increase in the area under cultivation.
* At 1244 GMT, the soyoil contract for November delivery was 3.27 percent higher at 619.90 rupees per 10 kg.
SUGAR
The key Indian December sugar futures jumped 3.02 percent to 2,662 rupees per 100 kg as cane output is likely to fall in states such as Maharashtra.
CORN, WHEAT
* The October corn futures contract shed 0.61 percent to close at 1,465 rupees per 100 kg, while November wheat futures gained 0.88 percent to 1,594 rupees per 100 kg.
* Gains also tracked global markets as Malaysian palm oil futures continued their rise on Monday after climbing for the past two weeks, supported by strong gains in rival oilseed and crude oil prices.
* The most active November soybean contract on the National Commodity and Derivatives Exchange ended 3.98 percent higher at 3,681 rupees per 100 kg after rising to its highest level since June.
The November rapeseed futures surged 3.63 percent to 4,821 rupees per 100 kg after touching a record high of 4,838 rupees earlier in the session.
* India's soybean yields are expected to fall this year as the first back-to-back drought in three decades wilts crops, offseting an increase in the area under cultivation.
* At 1244 GMT, the soyoil contract for November delivery was 3.27 percent higher at 619.90 rupees per 10 kg.
SUGAR
The key Indian December sugar futures jumped 3.02 percent to 2,662 rupees per 100 kg as cane output is likely to fall in states such as Maharashtra.
CORN, WHEAT
* The October corn futures contract shed 0.61 percent to close at 1,465 rupees per 100 kg, while November wheat futures gained 0.88 percent to 1,594 rupees per 100 kg.