Indian oilseeds, soyaoil futures fall on profit taking

Indian oilseeds and soyaoil futures fell on Tuesday on profit taking, while weak cues from Malaysian palm oil futures also weighed on sentiment. Malaysian palm oil futures slid to an eight-month low as the ringgit continued to gain traction, stoking worries overseas buyers may shy away from palm at a time when the tropical plant enters a higher production cycle.
The June soyabean futures contract on the National Commodity and Derivatives Exchange (NCDEX) ended down 1.77 percent at 4,042 rupees per 100 kg. The May rapeseed contract ended lower 1.55 percent at 3,805 rupees per 100 kg. At 1242 GMT, the key June soyaoil contract was down 0.91 percent at 588 rupees per 10 kg.
Oilseeds and soyaoil futures had been rising recently on concerns over crop damage after unseasonal storms in large parts of the fertile northern plains.
CHANA Indian chana, or chickpea, futures ended weaker on selling at higher levels amid subdued local demand, though fears of crop damage due to unseasonal rains limited losses. The May contract ended down 0.45 percent at 4,207 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 fell on weak exports.
The May contract closed down 3.64 percent at 5,086 rupees per 100 kg.
SUGAR Indian sugar futures rose on hopes of a hike in import duty, while a pick-up in demand in summers and forecast of a poor monsoon also buoyed sentiment. However, higher supplies in the local market restricted the upside. Key May contract was quoted 0.32 percent higher at 2,495 rupees per 100 kg.
India's food minister would propose raising the import duty on sugar to 40 percent from 25 percent as a preventive measure to protect farmers, though the country has amassed massive stocks through bumper local harvests.
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.
CUMIN SEED Indian jeera, or cumin seed, futures rose on forecast of a poor monsoon. The key May jeera contract rose 1.62 percent to 18,165 rupees per 100 kg.
TURMERIC Turmeric futures edged down on higher stocks and less local demand, though forecast of a poor monsoon restricted sharp fall.