Indian soyaoil, soyabean, rapeseed futures rise

Indian soyaoil, soyabean and rapeseed futures edged up on Thursday on concerns that untimely rains have hit crops and restricted supplies in local markets, bucking the trend overseas. Malaysian palm oil futures ended lower on the prospect of another month of strong crude palm production in the world's second-largest grower, although hopes for firm export demand provided some support.
Unseasonal storms have badly damaged the winter crop in large parts of the fertile northern plains. The June soyabean futures contract on the National Commodity and Derivatives Exchange ended higher 1.38 percent at 3,972 rupees per 100 kg. The May rapeseed contract rose 0.60 percent to 3,719 rupees per 100 kg. At 12:20 GMT, the key June soyaoil contract was up 0.67 percent at 589 rupees per 10 kg.
SUGAR Indian sugar futures edged lower on ample supplies. The key May contract was quoted 0.04 percent lower at 2,447 rupees per 100 kg. India might consider giving cash-strapped sugar companies an incentive to export white, or refined, sugar as long as mills agree to pay the dues they owe to millions of cane growers, Food Minister Ram Vilas Paswan said last Wednesday.
India, the world's biggest sugar consumer, is likely to produce 27 million tonnes of the sweetener in 2014/15, up nearly 2 percent from the previous estimate, a leading industry body said last Thursday.
CHANA Indian chana, or chickpea, futures rose due to concerns over production after untimely rainfall in key producing areas. The May contract ended up 1.87 percent at 4,041 rupees per 100 kg. Untimely rains over the last few weeks in the central state of Madhya Pradesh and in the western state of Maharashtra damaged the mature chana crop in some districts.
GUAR SEED Indian guar seed futures ended higher on slack local supplies. The May contracts closed higher 3.92 percent at 5,115 rupees per 100 kg.
CUMIN SEED Indian jeera, or cumin seed, futures closed unchanged. The key May jeera contract was unchanged at 18,460 rupees per 100 kg.
TURMERIC Turmeric futures ended weaker on subdued exports. The key May contract closed down 1.16 percent at 8,352 rupees per 100 kg.
CORN, WHEAT The May corn contract rose 0.34 percent to 1,190 rupees per 100 kg, while the May wheat contract closed 0.49 percent higher at 1,449 rupees per 100 kg.