Indian soyabeans hit two-month high

Indian soyabean futures ended steady on Thursday after hitting a two-month high as profit-taking offset an improvement in export demand for soyameal, while soyaoil eased on higher imports of edible oils. Surge in overseas soyameal prices also supported soyabeans. US soyameal rose to a seven-week high on Thursday on a slow start to a record soyabean harvest and traffic congestion on the country's railroads.
The key November soyabean contract on the National Commodity & Derivatives Exchange closed unchanged at 3,273 rupees per 100 kg, after rising to 3,366 rupees earlier in the day, the highest level since August 28. The November rapeseed contract nudged up 0.14 percent to 3,742 rupees per 100 kg. At 1203 GMT, the key November soyaoil contract was down 0.78 percent at 602.20 rupees per 10 kg.
SUGAR Sugar futures fell on ample supply and forecast of surplus production for a fifth straight year. The key December contract was down 0.21 percent at 2,805 rupees per 100 kg. India's sugar output is expected to rise 4 percent to 25.5 million tonnes in the 2014/15 season that started on October 1, a government official said on Wednesday.
CHICKPEA Chana, or chickpea, futures surged to their highest level in nearly seven months on good demand from mills. The November contract finished up 2.9 percent at 3,131 rupees per 100 kg, after rising to 3,156 rupees earlier in the day, the highest level since April 7.
GUAR SEED Indian guar seed futures extended losses on a likely rise in output, although healthy demand from processors restricted the downside. The November contract ended lower 1.4 percent at 5,464 rupees per 100 kg.
TURMERIC Turmeric futures rose on an improvement in demand, though expectations of higher production capped the upside. The key November contract closed 0.87 percent higher at 6,230 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures gained on bargain buying. The key November contract rose 0.4 percent to 11,420 rupees per 100 kg.
CORN, WHEAT The November corn contract was up 0.98 percent at 1,129 rupees per 100 kg, while November wheat edged up 0.25 percent to 1,582 rupees per 100 kg.