Indian oilseeds, soyaoil, sugar fall; cumin seed rises

Indian oilseeds and soyaoil futures fell on Friday on the progress of monsoon in the country, while bearish cues from the global market and weak exports of soyameal added to the downside. The monsoon has covered half of India's landmass four days behind the usual schedule, however weather officials expect the monsoon to strengthen over the soyabean growing areas of central India.
Malaysian palm oil futures ended lower on Friday, tracking weaker soyaoil markets and as poor exports dragged, although the recent surge in crude prices due to tensions in Iraq lifted weekly prices to their biggest gain in eight. The short term trend in soyabean and soyaoil futures is expected to remain weak on subdued demand, analysts said.
At 1251 GMT, the key July soyaoil contract was down 0.43 percent at 686 rupees per 10 kg the National Commodity & Derivatives Exchange. The July rapeseed contract fell 0.68 percent to 3,513 rupees per 100 kg, while the July soyabean contract edged down 1.14 percent to 4,000 rupees per 100 kg.
SUGAR Indian sugar futures fell as progress of monsoon weighed on sentiment, though strong demand from bulk consumers restricted the downside. The key July contract fell 0.33 percent at 3,035 rupees per 100 kg. India has increased the subsidy for raw sugar to boost output and exports.
CHICKPEA Chana, or chickpea, futures ended weak, weighed by large stocks and subdued demand from local buyers. The July chana contract ended down 1.41 percent to 2,786 rupees per 100 kg.
TURMERIC Turmeric futures closed down and may continue to trade weak on Monday due to a drop in overseas demand. The key July contract closed 0.50 percent down at 6,386 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures rose on some value buying, though lower-than-expected overseas demand capped the upside. The key July contract advanced 0.83 percent to 10,920 rupees per 100 kg.
GUAR SEED Guar seed futures slipped due to lack of overseas demand, though concerns that production in the next season may drop due to lower-than-normal rainfall expected in north-western India, limited the downside. The July contract closed 0.38 percent lower at 5,180 rupees per 100 kg.
CORN, WHEAT The July corn contract was 0.45 percent lower at 1,113 rupees per 100 kg on profit-taking. The July contract for wheat edged down 0.13 percent to 1,520 rupees per 100 kg.