Indian oilseeds, soyaoil drop on global cues
Indian oilseeds and soyaoil futures fell following losses in Malaysian palm oil prices and on good r…Indian oilseeds and soyaoil futures fell following losses in Malaysian palm oil prices and on good rainfall in soyabean growing areas in the last few days. Malaysian palm oil futures fell on Monday as fears of rising output amid slackening overseas demand piled pressure on to the tropical oil, while weaker comparative soyaoil prices weighed.
Oilseeds and soyaoil futures are likely to open lower in the next session as demand is subdued in spot markets. At 12:01 GMT, the key September soyaoil contract on the National Commodity & Derivatives Exchange was down 0.36 percent at 667 rupees per 10 kg. The key October soyabean contract dropped 0.76 percent to 3,650 rupees per 100 kg, while the September rapeseed contract fell 0.52 percent to 3,620 rupees per 100 kg.
SUGAR Indian sugar futures were treading water as sluggish demand in the spot market offset gains in overseas prices. Sugar futures are likely to open lower in the next session on ample supplies. The key September contract was down 0.10 percent at 3,048 rupees per 100 kg.
GUAR SEED Guar seed futures hit a contract low as good rainfall in top producing Rajasthan state over the last few days accelerated sowing of the rainfed crop. The August contract closed 1.8 percent lower at 4,920 rupees per 100 kg, after hitting a low of 4,810 rupees.
CHICKPEA Chana, or chickpea, futures dropped on weak demand amid ample supplies. The September chana contract closed down 1.38 percent at 2,851 rupees per 100 kg.
TURMERIC Turmeric futures jumped on good demand from exporters. The key September contract finished up 4 percent at 6,892 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures eased on sluggish demand and good rainfall in top producing Gujarat state last week. The key September contract dropped 0.87 percent to 11,335 rupees per 100 kg.
CORN, WHEAT Corn futures eased, while wheat futures rose tracking gains in overseas markets. The September corn contract was 0.17 percent lower at 1,203 rupees per 100 kg, while September wheat finished up 1.59 percent at 1,600 rupees per 100 kg. Chicago wheat rose to a two-week high on Monday, rising for a fourth consecutive session, as quality concerns in western Europe increased investor appetite for US wheat.
