Indian soyoil futures fall
Indian soyoil futures fell on Monday in line with overseas markets where palm oil futures dropped, b…Indian soyoil futures fell on Monday in line with overseas markets where palm oil futures dropped, but soybean edged up, extending last week's gains, as planting lagged last year's acreage. Malaysian palm oil futures sank to a more-than-one-year low on Monday after an unexpected rise in palm end-stocks, with projections of a bumper crop of competing oilseeds sparking fears that supply would overwhelm global demand.
At 0104 GMT, the key September soyoil contract on the National Commodity & Derivatives Exchange was down 0.70 percent at 655 rupees per 10 kg, while the September rapeseed contract fell 1.04 percent to 3,592 rupees per 100 kg. The key October soybean contract closed up 0.20 percent at 3,567 rupees per 100 kg.
Guar seed futures fell due to good monsoon rains. The August contract closed 1.08 percent lower at 5,030 rupees per 100 kg. Indian sugar futures fell on higher supplies from mills. The key September contract was down 0.03 percent at 3,099 rupees per 100 kg.
Sugar mills in India's top cane producing state of Uttar Pradesh will not crush cane in the new season starting in October, as they will not be able to pay high state-set cane prices to farmers.
Turmeric futures fell on ample rainfall in turmeric growing areas in the last few weeks that brightened crop prospects. The key September contract finished down 3.62 percent at 6,594 rupees per 100 kg. Jeera, or cumin seed, futures fell on some improvement in supplies in the physical market. The key September contract ended down 0.88 percent at 11,270 rupees per 100 kg.
The September chana contract closed down 0.03 percent at 2,924 rupees per 100 kg. Corn futures fell on subdued export demand. The September corn contract was 1.69 percent lower at 1,160 rupees per 100 kg, while September wheat finished down 0.19 percent at 1,603 rupees per 100 kg.
