Indian soyaoil hits one-month low on weak palm oil

Indian soyaoil futures extended losses on Friday to hit their lowest in a month, tracking declines in Malaysian palm oil and hit by a stronger rupee, while soyabeans dropped on sluggish export demand for soyameal. Malaysian palm oil futures fell to their lowest since December on Friday, as global market uncertainties diminished demand for the edible oil from top customers China and India.
At 1200 GMT, the key February soyaoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.73 percent down at 620.45 rupees per 10 kg, after falling to 619.5 rupees earlier in the day, the lowest since December 24. The February soyabean contract closed 0.74 percent lower at 3,334 rupees per 100 kg, while the April rapeseed contract dropped 1.6 percent to 3,377 rupees per 100 kg. Oilseeds and soyaoil futures are likely to edge higher in the next session on bargain buying.
SUGAR Sugar futures edged higher on bargain-buying, though sluggish demand and rising supplies due to ongoing cane crushing capped the upside. The key March contract was quoted 0.37 percent higher at 2,706 rupees per 100 kg. The contract is likely to drop in the next session.
JEERA Indian jeera, or cumin seed, futures fell as supplies are expected to rise starting next month. The key February jeera contract dropped 3.6 percent to close at 15,390 rupees per 100 kg.
CHICKPEA Chana, or chickpea, futures edged lower on sluggish demand, though a sharp drop in the area under cultivation limited the downside. As on January 23, farmers had cultivated chana on 8.2 million hectares, compared with 9.87 million hectares a year earlier. The February contract closed 0.24 percent lower at 3,286 rupees per 100 kg.
TURMERIC Turmeric futures extended losses on profit-taking and as supplies from the new season crop started coming into the market. The key April contract closed down 4 percent at 8,163 rupees per 100 kg.
GUAR SEED Guar seed futures fell on sluggish export demand for guar gum. The February contract closed 2.5 percent lower at 4,270 rupees per 100 kg.
CORN, WHEAT The February corn contract was down 0.65 percent at 1,224 rupees per 100 kg, while the February wheat contract edged up 0.3 percent to 1,661 rupees per 100 kg.