Indian soyabean futures dropped on Monday on sluggish exports demand for soyameal, while soyaoil and rapeseed fell on a stronger rupee. A strong rupee makes edible oil imports cheaper and trims margin of oilmeal exporters. The rupee rose on Monday.
The key October soyabean futures contract on the National Commodity and Derivatives Exchange ended 0.16 percent lower at 3,196 rupees per 100 kg, while the October rapeseed contract dropped 0.6 percent to 4,288 rupees per 100 kg. India's oilmeal exports in August dropped 42 percent from a year earlier to 91,834 tonnes, the Solvent Extractors Association said. At 1217 GMT, the key October soyaoil contract was down 0.1 percent at 564.70 rupees per 10 kg.
SUGAR Indian sugar futures eased on ample supplies and subdued demand. India, the world's second biggest sugar producer after Brazil, is likely to churn out a surplus for the sixth straight year despite erratic rainfall in key growing areas. The key October contract was quoted 0.25 percent lower at 2,426 rupees per 100 kg.
CORN, WHEAT The October corn contract fell 0.92 percent to 1,401 rupees per 100 kg, while the October wheat contract closed 0.33 percent higher at 1,541 rupees per 100 kg.
Comments
Comments are closed.