Indian guar futures slide as heavy rainfall boosts sowing

Indian guar seed futures fell sharply on Wednesday as heavy rainfall over the main producing state of Rajasthan boosted sowing of the crop. Guar seed futures are expected to open weaker in the next session as the western state is forecast to receive heavy showers. The August contract closed 3.7 percent down at 5,220 rupees ($70) per 100 kg on the National Commodity & Derivatives Exchange (NCDEX).
SUGAR
Sugar futures fell as investors took note of heavy rainfall over the cane-growing areas of western India, and are expected to trade weaker in the next trading session due to ample supplies in local markets and lower-than-expected demand.
The key August contract fell 1.6 percent to 3,004 rupees per 100 kg on the NCDEX.
Traders expect domestic demand to improve from August as India will celebrate a host of festivals such as Raksha Bandhan, Janmashtami and Ganesh Chaturthi.
CUMIN SEED
Jeera, or cumin seed, futures ended down after rain in the main producing state of Gujarat disrupted trading activities in spot markets.
The key August contract ended down 1.3 percent at 11,275 rupees per 100 kg.
CHICKPEA
Chana, or chickpea, futures fell slightly as the monsoon improved in rainfed areas of western India where the crop is grown.
The August chana contract ended 0.2 percent lower at 2,874 rupees per 100 kg.
EDIBLE OIL
Soyabean futures closed lower taking cues from healthy conditions of the oilseed crop in the United States, while domestic soyaoil futures were quoted lower as the festive demand related to Ramazan was over.
Rapeseed futures did not reflect the sentiment in the soya complex as market arrivals were almost exhausted.
The key August soyaoil contract was 0.4 percent down at 678.6 rupees per 10 kg at 1255 GMT, while the October soyabean contract ended 0.7 percent lower at 3,634 rupees per 100 kg.
The August rapeseed contract was 0.2 percent up at 3,592 rupees per 100 kg.
TURMERIC
Turmeric futures ended higher as spot demand outweighed large stocks.
The key August contract closed 0.8 percent higher at 6,470 rupees per 100 kg.
CORN, WHEAT
The August corn contract ended 1.4 percent down at 1,166 rupees per 100 kg, taking cues from higher global supplies, while August wheat edged down 0.1 percent to 1,599 rupees per 100 kg.