Indian soyaoil futures fell on Monday, following weak Malaysian cues and on subdued local demand, while sluggish oilmeal exports weighed on soyabean futures. Malaysian palm oil futures fell to their lowest in 2-1/2 weeks on Monday when the market reopened after the Lunar New Year holiday as losses in rival soyaoil markets plus sluggish export demand outweighed a drop in the ringgit.
At 1228 GMT, the key April soyaoil contract was 1.07 percent down at 592.15 rupees per 10 kg on the National Commodity and Derivatives Exchange (NCDEX). The April rapeseed contract fell 1.12 percent to 3,337 rupees per 100 kg, while the April soyabean contract closed 0.21 percent down at 3,383 rupees per 100 kg.
GUAR SEED Indian guar seed futures dropped on weak export and local demand. The March contract closed 2.65 percent lower at 3,638 rupees per 100 kg. Guar seed futures are likely to open lower in the next trading session, as well.
CHANA Indian chana, or chickpea, futures ended weaker on a likely pick-up in new season arrivals. The April contract closed 1.26 percent down at 3,626 rupees per 100 kg. Concerns about lower output could support prices in the next trading session.
TURMERIC Turmeric futures fell on sluggish local demand and weak enquiries from overseas buyers. The key April contract closed down 2.51 percent at 8,860 rupees per 100 kg. Turmeric futures may open steady on Tuesday due to concerns over lower output.
SUGAR Sugar futures fell due to a drop in demand in the spot market amid ample supplies. The key March contract was quoted 1.62 percent down at 2,612 rupees per 100 kg. On February 19, India approved a plan to provide 4,000 rupees ($64) a tonne of subsidy to mills for production and exports of up to 1.4 million tonnes of raw sugar.
JEERA Indian jeera, or cumin seed, futures rose on lower sowing area. The key March jeera contract rose 2 percent to 15,595 rupees per 100 kg.
CORN, WHEAT The March corn contract ended down 1.37 percent at 1,257 rupees per 100 kg, while the March wheat contract was 0.25 percent lower at 1,585 rupees per 100 kg.
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