December 31, 2013 / 12:52 PM / 4 years ago

AGRI WRAP-Indian oilseeds, soyoil rise on global cues; guar drops

MUMBAI, Dec 31 (Reuters) - Indian oilseeds and soyoil futures erased early losses to end higher on Tuesday on a rise in overseas edible oil prices and concerns that a sharp drop in temperature in the northern part of the country could damage the rapeseed crop.

* Malaysian palm oil futures ended higher on Tuesday after a slight recovery in exports signalled rising food and fuel demand for the edible oil, triggering speculative buying that lifted prices to their first annual gain in three years.

* The key January soybean contract closed up 1.23 percent at 3,819 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX).

* The January soyoil contract rose 0.67 percent to 698.1 rupees per 10 kg, while the rapeseed contract for January edged up 0.37 percent to 3,521 rupees per 100 kg, after hitting a contract low of 3,480 rupees earlier in the day.

* Temperature has fallen below normal level in top rapeseed producing Rajasthan state. Some parts of the state even reported ground frost, the weather department said on Tuesday.

* At the Indore spot market in Madhya Pradesh state, soybeans edged down 2 rupees to 3,888 rupees per 100 kg, while soyoil nudged up 0.25 rupee to 697.45 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed fell 7 rupees to 3,643 rupees.

SUGAR

Indian sugar futures ended steady as demand remained subdued due to a drop in temperatures amid hopes that the government would provide incentives to mills to produce raw sugar.

* The key February contract closed up 0.07 percent at 2,791 rupees per 100 kg.

* Demand for sugar from bulk consumers such as ice cream and cold drink makers usually drops during the winter.

* Spot sugar was unchanged at 2,850 rupees per 100 kg at the Kolhapur market in Maharashtra.

* The government is likely to announce incentives for raw sugar production this week, dealers said.

GUAR SEED

Indian guar seed futures fell due to fresh supplies from the new harvest, expectations of higher output and sluggish demand.

* The January contract finished down 1 percent at 4,430 rupees per 100 kg.

* Spot guar fell 56 rupees to 4,356 rupees per 100 kg at Jodhpur, a key market in Rajasthan.

CHICKPEAS

Indian chana, or chickpea, futures edged up on expectations of a pick-up in local demand, though large stocks and prospects of a better crop weighed on sentiment.

* The January chana contract edged up 0.29 percent to 3,075 rupees per 100 kg.

* Spot chana edged up 8 rupees to 2,938 rupees per 100 kg in Delhi.

JEERA

Indian jeera futures rose on fresh export demand, though expectations of higher production limited the upside.

* The actively traded jeera contract for March delivery ended up 0.52 percent at 12,607.5 rupees per 100 kg.

* Spot jeera fell 17 rupees to 12,713 rupees per 100 kg in Unjha, a key market in Gujarat state.

TURMERIC

Indian turmeric futures surged on concerns about the quality of crop in top producer Andhra Pradesh due to excessive rains.

* The most-actively traded turmeric contract for April delivery jumped 2.23 percent to 6,504 rupees per 100 kg.

* Spot turmeric jumped 123 rupees to 5,664 rupees per 100 kg at Nizamabad, a key market in Andhra Pradesh. (Reporting by Rajendra Jadhav; Editing by Anand Basu)

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