Indian soyabean, soyaoil futures rise on global cues

Indian soyabean and soyaoil futures rose on Friday in line with the global market where the palm oil contract touched its highest in over three weeks. Malaysian palm oil futures edged up to touch their highest in over three weeks on Friday, with prices recording a second straight weekly gain thanks to firm soyaoil markets overseas and a surge in crude palm oil export demand.
Indian soyameal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier. At 12:59 GMT, the key October soyaoil contract was up 1.33 percent at 575 rupees per 10 kg.
The key October soyabean contract on the National Commodity & Derivatives Exchange closed 0.19 percent higher at 3,177 rupees per 100 kg. The October rapeseed contract finished down 0.39 percent at 3,587 rupees per 100 kg.
SUGAR Sugar futures fell on large domestic supplies and lower-than-expected demand. The key October contract was down 1.42 percent at 3,005 rupees per 100 kg.
However, traders expect local sugar demand to pick-up in the coming days ahead of key festivals. In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand goes up. Food Minister Ram Vilas Paswan said on Wednesday India's 2014/15 sugar output will not be less than the annual demand despite apprehensions that mills in the biggest cane producing state of Uttar Pradesh will not start operations in the new season beginning October.
CHICKPEA Chana, or chickpea, futures fell on hopes of bumper production from the winter-sown crop due to good rainfall in the top producing state of Madhya Pradesh. The October contract closed 0.07 percent lower at 2,806 rupees per 100 kg.
GUAR SEED Indian guar seed futures rose due to good export demand. The October contract ended 0.05 percent higher at 5,597 rupees per 100 kg.
TURMERIC Turmeric futures slipped due to sluggish local and export demand. The key October contract closed 3.28 percent lower at 6,078 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures ended weak as an improvement in demand offset prospects of higher output due to good rainfall in the top producing Gujarat state. The key October contract closed 0.32 percent lower at 10,775 rupees per 100 kg.
CORN, WHEAT The October corn contract edged up 1.40 percent to 1,086 rupees per 100 kg. October wheat gained 0.19 percent to 1,568 rupees per 100 kg.