Indian oilseeds and soyaoil futures dropped on Friday, in line with the benchmark palm oil contract in Kuala Lumpur where prices fell to a one-week low. Higher imports of vegetable oils by India also put downward pressure on prices. India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, an executive at key importer Ruchi Soyaa said, as lower prices, a rising population and higher incomes boost consumption.
Malaysian palm oil futures slipped to a one-week low on Friday, shaving off some gains made earlier this week as tumbling crude prices and disappointing export data stoked fears of weaker appetite for palm. Palm typically tracks soya markets as they are both food and fuel substitutes.
The key October soyabean contract on the National Commodity & Derivatives Exchange closed 0.70 percent lower at 2,983 rupees per 100 kg. At 1237 GMT, the key October soyaoil contract was down 0.95 percent at 599 rupees per 10 kg. The October rapeseed contract finished down 0.67 percent at 3,583 rupees per 100 kg.