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Indian oilseeds rise on hopes of more exports following Philippine GMO ban
December 18, 2015 / 1:45 PM / 2 years ago

Indian oilseeds rise on hopes of more exports following Philippine GMO ban

NEW DELHI, Dec 18 (Reuters) - Indian oilseeds rose on Friday after local markets received news that the Philippine Supreme Court last week banned the import of genetically modified organisms (GMO), a move that is seen as helping India’s faltering oilmeal exports, traders said.

* The January soybean contract on the National Commodity & Derivatives Exchange surged 3.75 percent to 3,792 rupees ($57.16) per 100 kg, on hopes India’s non-GMO oilmeal could find a buyer in the Southeast Asian nation.

* Gains in global markets also helped sentiment.

* Rapeseed and soyoil rose tracking gains in soybean.

* The January rapeseed futures ended 1.95 percent higher at 4,560 rupees per 100 kg while soyoil for January delivery was up 0.90 percent to 616.80 rupees per 10 kg at 1250 GMT.

SUGAR

* The most active March sugar contract was 0.46 percent lower at 3,023 rupees per 100 kg on profit booking.

* As of Thursday’s close, the contract has gained 5.8 percent so far in December.

CORN, WHEAT

* January corn futures gained 1.82 percent to close at 1,510 rupees per 100 kg as buying supported prices, while the January wheat contract slipped 0.18 percent to 1,702 rupees per 100 kg. ($1 = 66.3393 rupees) (Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)

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