Indian oilseeds futures up on concerns over crop damage

Indian soyabean and rapeseed futures ended up on Friday on concerns over crop damage and inferior quality supplies due to unseasonal rains. Unseasonal storms have badly damaged the winter crop in large parts of the fertile northern plains. The June soyabean futures contract on the National Commodity and Derivatives Exchange (NCDEX) ended up 1.41 percent at 4,028 rupees per 100 kg.
The May rapeseed contract rose 2.04 percent to 3,795 rupees per 100 kg. At 1254 GMT, the key June soyaoil contract edged down 0.05 percent at 593.40 rupees per 10 kg.
SUGAR Indian sugar futures rose due to a pick-up in demand in the summer season and on estimates of weak monsoon. However, ample supplies in the local market could weigh on prices at higher levels.
Key May contract was quoted 0.90 percent higher at 2,473 rupees per 100 kg. India might consider giving cash-strapped sugar companies an incentive to export white, or refined, sugar as long as mills agree to pay the dues they owe to millions of cane growers, Food Minister Ram Vilas Paswan said last Wednesday.
India, the world's biggest sugar consumer, is likely to produce 27 million tonnes of the sweetener in 2014/15, up about 2 percent from the previous estimate, a leading industry body said last Thursday.
CHANA Indian chana, or chickpea, futures ended higher on concerns over production and restricted supplies due to untimely rains. The May contract ended up 1.71 percent at 4,110 rupees per 100 kg. Untimely rains over the last few weeks in the central state of Madhya Pradesh and in the western state of Maharashtra damaged the mature chana crop in some districts.
GUAR SEED Indian guar seed futures ended higher on a pick-up in demand from mills amid thin supply. The May contract closed up 2.72 percent at 5,254 rupees per 100 kg.
CUMIN SEED Indian jeera, or cumin seed, futures ended lower due to sluggish exports and local demand. The key May jeera contract fell 2.17 percent at 18,060 rupees per 100 kg.
TURMERIC
Turmeric futures slipped on weak exports. The key May contract closed down 0.10 percent at 8,344 rupees per 100 kg.
CORN, WHEAT The May corn contract rose 1.85 percent to 1,213 rupees per 100 kg, while the May wheat contract closed 1.38 percent higher at 1,469 rupees per 100 kg.