Indian soyabean futures fell on Friday to their lowest level in more than a year due to a drop in soyameal exports, while soyaoil eased following losses in rival Malaysian palm oil. Indian soyameal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier.
The key October soyabean contract on the National Commodity & Derivatives Exchange closed 2.08 percent lower at 3,158 rupees per 100 kg, after falling to 3,142 rupees, the lowest level since August 19, 2013, earlier in the day. The September rapeseed contract finished down 0.5 percent at 3,560 rupees per 100 kg. At 12:05 GMT, the key September soyaoil contract was down 0.19 percent at 602.65 rupees per 10 kg. Oilseeds and soyaoil futures are likely to edge up in the next trading session.
SUGAR Sugar futures edged up on an improvement in demand due to festivals, though a drop in global prices capped the upside. The key September contract was up 0.23 percent at 3,010 rupees per 100 kg. In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand goes up.
Raw sugar futures tumbled to a seven-month low in New York on Thursday, on track for a sixth straight weekly loss, as sell-stops accelerated losses on fears of bearish demand expectations and huge nearby supplies.
CHICKPEA Chana, or chickpea, futures extended losses on sluggish demand in spot markets and on hopes of bumper production of the winter-sown crop due to heavy rainfall in the top producing state of Madhya Pradesh. The September contract closed 1.12 percent lower at 2,727 rupees per 100 kg.
GUAR SEED Indian guar seed futures fell on profit-taking after rising 8.1 percent in the previous two sessions, though an improvement in export demand for guar gum restricted the downside. The October contract ended 2.57 percent lower at 5,871 rupees per 100 kg.
TURMERIC Turmeric futures extended losses on hopes of higher production due to good rainfall in key growing areas. The key September contract closed 1.54 percent lower at 6,380 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures ended flat as an improvement in demand offset prospects of higher output due to good rainfall in the top producing Gujarat state. The key September contract closed unchanged at 10,945 rupees per 100 kg.
CORN, WHEAT The September corn contract rose 1.57 percent to 1,101 rupees per 100 kg on lower-level buying. September wheat edged up 0.32 percent to 1,560 rupees per 100 kg.
Comments
Comments are closed.