Indian soyaoil futures edged higher on Friday on a weak rupee and a rise in overseas palm oil prices, while soyabean futures rose on thin supplies in local spot markets. Rapeseed futures eased as supplies from new season crop have started. Soyabean and soyaoil futures are likely to open higher on Monday on dwindling soyabean supplies in spot markets.
Malaysian palm oil futures hit two-month lows before turning positive late on Friday, as lower comparative oils and crude prices offset industry stocks data from the previous session. At 1242 GMT, the May soyaoil contract on the National Commodity and Derivatives Exchange was up 0.11 percent at 698.85 rupees ($11.61) per 10 kg. The May soyabean contract closed 0.4 percent higher at 4,393 rupees per 100 kg, while May rapeseed contract eased 0.43 percent to 3,440 rupees per 100 kg.
SUGAR Sugar futures nudged higher on healthy demand in local spot markets and an estimated drop in the production. The key May contract was up 0.16 percent at 3,145 rupees per 100 kg, after rising to 3,279 rupees last week, the highest level since January 22, 2013. Futures are likely to extend gains in the next session, dealers said.
GUAR SEED Guar seed futures extended gains on an improvement in demand in spot markets. Futures may open lower on Monday on profit-taking, driven by higher production estimate. The May contract ended up 2.81 percent at 4,750 rupees per 100 kg.
CUMIN SEED Indian jeera, or cumin seed, futures eased on an estimated rise in the production. The key May contract closed down 0.85 percent at 9,930 rupees per 100 kg. Jeera production is expected to rise to 6.5-7 million bags of 55 kg each in 2014, from 4.5-5 million bags a year earlier due to expanded area under cultivation and favourable weather, spot traders said.
TURMERIC Turmeric futures rose on exports inquiries, though mounting supplies capped the upside. The key May contract finished up 1.84 percent at 6,320 rupees per 100 kg.
CHICKPEA Indian chana, or chickpea, futures fell on rising supplies from new season crop. The May chana contract dropped 2.17 percent to 3,059 rupees per 100 kg.
CORN, WHEAT Corn futures were steady as profit-taking offset thin supplies in local spot markets. The May corn contract was up 0.09 percent at 1,168 rupees per 100 kg, while May wheat nudged lower 0.07 percent to 1,531 rupees per 100 kg.
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