India soyaoil, sugar futures lower

Indian soyaoil futures were lower on Thursday due to bearish cues from Malaysian palm oil futures, though soyabean futures ended higher on concerns over delayed monsoon. Oilseed futures are expected to trade steady-to-weak on Friday as subdued export demand for soyameal may weigh on sentiment, though concerns over delayed monsoon could aid prices at lower levels, analysts said.
Malaysian palm oil futures ended lower on Thursday to snap a three-day winning streak as crude oil prices began to ease, although losses were capped by an uptick in exports and anticipation that hot weather would trim palm output. At 1254 GMT, the key July soyaoil contract was down 0.14 percent at 695.40 rupees per 10 kg on the National Commodity & Derivatives Exchange. The July rapeseed contract fell 0.45 percent to 3,524 rupees per 100 kg, while the July soyabean contract rose 0.31 percent to 3,928 rupees per 100 kg.
SUGAR Indian sugar futures fell on subdued demand in the local market though an increase in import duty on sugar is seen aiding sentiment in the next session. The key July contract on the NCDEX fell 0.42 percent to 3,115 rupees per 100 kg.
India will raise import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion. The hike in import duty will make overseas purchases nearly unfeasible for refiners in the world's biggest consumer of the sweetener, hitting shipments from suppliers such as Brazil, Thailand and Pakistan.
CHICKPEA Chana, or chickpea, futures ended weak due to sluggish local demand, though worries about late rains may support prices at lower levels. The July chana contract ended down 1.08 percent to 2,828 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures fell on higher-than-expected spot supplies and weak local demand. The key July contract ended 1.28 percent down at 11,195 rupees per 100 kg.
TURMERIC Turmeric futures ended weak on subdued exports. The key July contract closed 1.83 percent down at 6,434 rupees per 100 kg.
GUAR SEED Guar seed futures slipped on profit-taking but may open higher in the next session due to forecast of weak monsoon that has raised concerns about production in the next season. The July contract closed 0.79 percent lower at 5,640 rupees per 100 kg.
CORN, WHEAT The July corn contract ended 1.06 percent higher at 1,146 rupees per 100 kg due to weak monsoon. The July contract for wheat edged down 0.13 percent to 1,530 rupees per 100 kg.