Indian soyaoil futures fall on weak global cues

Indian soyaoil futures fell on Friday tracking weak Malaysian palm oil futures while soyabean futures rose on a rise in overseas shipment of soyameal. Malaysian palm oil futures dropped on Friday, tracking falls in crude oil prices and competing vegetable oil markets, although losses were limited by concerns that monsoon rains could curb output in December.
At 1243 GMT, the key January soyaoil contract was down 0.56 percent at 587.70 rupees per 10 kg on the National Commodity and Derivatives Exchange. The key January rapeseed contract ended down 0.29 percent at 4,046 rupees per 100 kg, while the January soyabean contract rose 0.18 percent to 3,317 rupees per 100 kg. India's palm oil imports could drop for a second straight month in December as local crushing of the soyabean crop gathers momentum, a leading trading company said.
SUGAR Indian sugar futures fell as mills started crushing in a few states while weak demand amid ample supplies restricted the downside. The key March contract was quoted 1.37 percent down at 2,729 rupees per 100 kg.
GUAR SEED Indian guar seed futures rose on a drop in local market supply, concerns about lower yields and demand of gum from the food sector. The January contract ended 1.63 percent higher at 4,364 rupees per 100 kg. Guar futures are likely to open higher on Monday.
Food firms are also buyers and the sector is likely to take more this year as traders scout out new markets, but it will be hard to match the impact made by oil industry demand in recent years.
CHICKPEA Indian chana, or chickpea, futures edged up due to slow sowing operations and on concerns about lower production. The January contract ended up 0.06 percent at 3,094 rupees per 100 kg. Chana is likely to trade steady in the next session on weak demand but the slow pace of sowing could support prices.
CUMIN SEED Jeera, or cumin seed, futures ended up demand from exporters though sowing activities are seen limiting the upside in the next trading session. The key January contract rose 3.92 percent to close at 13,260 rupees per 100 kg.
TURMERIC Turmeric futures rose on slack arrivals amid local demand. Turmeric futures are likely to continue to trade up on Monday due to thin supplies. The key April contract closed up 0.71 percent at 7,702 rupees per 100 kg.
CORN, WHEAT The January corn contract was 0.51 percent up at 1,176 rupees per 100 kg, while January wheat was down 0.30 percent to 1,660 rupees per 100 kg.