Indian oilseeds, soyaoil futures fall

Indian oilseeds and soyaoil futures dropped on Friday, in line with the benchmark palm oil contract in Kuala Lumpur where prices fell to a one-week low. Higher imports of vegetable oils by India also put downward pressure on prices. India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, an executive at key importer Ruchi Soyaa said, as lower prices, a rising population and higher incomes boost consumption.
Malaysian palm oil futures slipped to a one-week low on Friday, shaving off some gains made earlier this week as tumbling crude prices and disappointing export data stoked fears of weaker appetite for palm. Palm typically tracks soya markets as they are both food and fuel substitutes.
The key October soyabean contract on the National Commodity & Derivatives Exchange closed 0.70 percent lower at 2,983 rupees per 100 kg. At 1237 GMT, the key October soyaoil contract was down 0.95 percent at 599 rupees per 10 kg. The October rapeseed contract finished down 0.67 percent at 3,583 rupees per 100 kg.
SUGAR Sugar futures edged up on some fresh buying. The key October contract was up 0.89 percent at 2,947 rupees per 100 kg.
CHICKPEA Chana, or chickpea, futures ended lower due to weak demand. The October contract ended 0.92 percent lower at 2,802 rupees per 100 kg.
GUAR SEED Indian guar seed futures fell due to poor export demand and on expectations of bumper production following good rainfall in the key growing north-western state of Rajasthan. The October contract ended 0.32 percent lower at 5,673 rupees per 100 kg.
TURMERIC Turmeric futures fell on lower buying. The key October contract closed 0.20 percent lower at 6,138 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures edged down as prospects of higher output brightened after good rainfall in the top producing state of Gujarat in August. The key October contract closed down 1.31 percent at 10,530 rupees per 100 kg.
CORN, WHEAT The November corn contract was down 0.59 percent at 1,014 rupees per 100 kg, while October wheat rose 0.83 percent to 1,588 rupees per 100 kg.