Indian rapeseed futures fell on Friday to their lowest level in nine months on prospects of a bumper harvest, and on rising imports of edible oils. Soyaoil futures eased on a stronger rupee and a drop in overseas palm oil prices, while soyabeans dropped on sluggish export demand for soyameal. The rupee jumped on Friday. A stronger rupee makes imports of edible oils cheaper and also trims returns of oilmeal exporters.
The key April rapeseed contract on the National Commodity & Derivatives Exchange closed 1.4 percent down at 3,829 rupees per 100 kg. Earlier in the day, it fell to as low as 3,802 rupees, the lowest since April 30, 2015. India's edible oil imports could rise as much as 11 percent to a record 16 million tonnes in the 2015/16 marketing year that started on November 1, 2015, the head of a leading trade body said in a statement.
The February soyabean contract dropped 1.6 percent to 3,726 rupees per 100 kg. Production of rapeseed, the main winter oilseed in India with the highest oil content, in Rajasthan state will rise more than a fifth this year, according to a government estimate. February soyaoil futures were down 0.58 percent at 612.05 rupees per 10 kg at 1315 GMT.