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Indian soyabean and soyaoil futures fell on Monday, hit by a drop in the US market, a strong rupee and a likely rise in local soyabean supplies from the new season crop. Rapeseed also eased, but losses were limited by good demand in the spot market.
Chicago soyabeans fell for a second consecutive session on Monday, pressured by a rapidly advancing US harvest, which is bringing fresh supplies to the market. The October soyaoil contract on India's National Commodity and Derivatives Exchange closed provisionally down 1.45 percent at 762.25 rupees per 10 kg.
A rise in the rupee, which hit a four-month high on Monday, makes imports cheaper and trims returns of exporters. The October soyabean contract dropped 1.23 percent to provisionally closed at 3,691 rupees per 100 kg, while rapeseed closed flat at 4,227 rupees per 100 kg.
At the Indore spot market in Madhya Pradesh, soyaoil eased by 2.6 rupees to 795.4 rupees per 10 kg, while soyabean fell 116 rupees to 4,384 rupees per 100 kg. In Sri Ganganagar in Rajasthan, rapeseed fell 55 rupees to 4,145 rupees per 100 kg. India has set a new base price for RBD palmolein imports at $1,042 per tonne, higher than the previous price, a government statement said on Monday.
Indian sugar futures ended higher on expectations of a rise in retail demand in the next two months due to festivals and a delay in cane crushing in the key producing region. The key October contract provisionally closed up 0.19 percent at 3,608 rupees per 100 kg.
The western state of Maharashtra, the country's top sugar producer, has decided to start crushing for the 2012/13 season from November 1, instead of October 1, as cane has not developed well due to water shortage. In the Kolhapur spot market in Maharashtra, sugar edged down 5 rupees to 3,638 rupees per 100 kg. Indian chana futures recovered to end higher after an early fall, bolstered by expectations of an improvement in consumer demand during the approaching festival season.
Indians celebrate the Ganesh festival this month, which will be followed by Dussehra in October and Diwali in November. The consumption of all pulses including chana usually rises during the festival period. The key October delivery contract provisionally closed up 0.58 percent at 4,519 rupees per 100 kg.

Copyright Reuters, 2012

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