MARKET DEVELOPMENT
Indian Soyoil Futures Drop For Second Straight Session
Indian Soyoil Futures Drop For Second Straight Session
27/01/2017 (Reuters) - Indian soyoil futures were in line to close lower for a second straight session on Friday, tracking a drop in soyoil prices on the Chicago Board of Trade (CBOT) and rival oils such as Malaysian palm.
The February soyoil contract on the National Commodity & Derivatives Exchange Ltd (NCDEX) was down 1.7 percent at 704.60 rupees ($10.51) per 10 kg, as of 1250 GMT.
Malaysian palm oil futures fell for a third consecutive day to touch a two-week low, while the March soybean oil contract on the CBOT was down 0.6 percent.
The soybean contract, which hit a monthly high of 3,156 rupees last week, fell 0.7 percent to 3,046 rupees per 100 kg due to low soymeal demand.
The one-month corn futures contract fell 1.8 percent to 1,449 rupees, the contract's biggest intraday fall in almost two months.
The most actively traded rapeseed contract closed 0.5 percent down at 3,874 rupees per 100 kg.
($1 = 68.0699 Indian rupees)
The February soyoil contract on the National Commodity & Derivatives Exchange Ltd (NCDEX) was down 1.7 percent at 704.60 rupees ($10.51) per 10 kg, as of 1250 GMT.
Malaysian palm oil futures fell for a third consecutive day to touch a two-week low, while the March soybean oil contract on the CBOT was down 0.6 percent.
The soybean contract, which hit a monthly high of 3,156 rupees last week, fell 0.7 percent to 3,046 rupees per 100 kg due to low soymeal demand.
The one-month corn futures contract fell 1.8 percent to 1,449 rupees, the contract's biggest intraday fall in almost two months.
The most actively traded rapeseed contract closed 0.5 percent down at 3,874 rupees per 100 kg.
($1 = 68.0699 Indian rupees)