Indian soyaoil futures were lower on Thursday due to bearish cues from Malaysian palm oil futures, though soyabean futures ended higher on concerns over delayed monsoon. Oilseed futures are expected to trade steady-to-weak on Friday as subdued export demand for soyameal may weigh on sentiment, though concerns over delayed monsoon could aid prices at lower levels, analysts said.
Malaysian palm oil futures ended lower on Thursday to snap a three-day winning streak as crude oil prices began to ease, although losses were capped by an uptick in exports and anticipation that hot weather would trim palm output. At 1254 GMT, the key July soyaoil contract was down 0.14 percent at 695.40 rupees per 10 kg on the National Commodity & Derivatives Exchange. The July rapeseed contract fell 0.45 percent to 3,524 rupees per 100 kg, while the July soyabean contract rose 0.31 percent to 3,928 rupees per 100 kg.
India will raise import duty on sugar to 40 percent from 15 percent, as the government tries to revive business at mills that owe farmers around $1.84 billion. The hike in import duty will make overseas purchases nearly unfeasible for refiners in the world's biggest consumer of the sweetener, hitting shipments from suppliers such as Brazil, Thailand and Pakistan.