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Indian soybeans hit 13-month low on global cues; soyoil drops
October 1, 2014 / 1:02 PM / 3 years ago

Indian soybeans hit 13-month low on global cues; soyoil drops

MUMBAI, Oct 1 (Reuters) - Indian soybean futures dropped on Wednesday, hitting their lowest level in more than 13 months, following a drop in overseas prices and on an expected rise in local production.

* Soyoil and rapeseed futures fell on a drop in global edible oil prices.

* Oilseeds and soyoil futures are likely to open lower in the next trading session due to a weakness in global market and higher imports of edible oils.

* India’s overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, as lower prices, rising population and higher incomes boost consumption.

* Chicago corn touched a five-year low on Wednesday and soybeans traded near the lowest since early 2010 as the prospect of record crops in the United States continued to put downward pressure on prices.

* The key October soybean contract on the National Commodity & Derivatives Exchange closed 1.3 percent lower at 3,023 rupees per 100 kg, after falling to 3,007 rupees earlier in the day, the lowest level in more than 13 months.

* October rapeseed contract finished down 0.52 percent at 3,628 rupees per 100 kg.

* At 1232 GMT, the key October soyoil contract was down 0.60 percent at 610.30 rupees per 10 kg.

SUGAR

Sugar futures edged lower on ample supplies and a drop in overseas market, though an improvement in demand due to festivals limited the downside.

* The key October contract was down 0.35 percent at 2,882 rupees per 100 kg.

CHICKPEA

Chana, or chickpea, futures ended steady as festive season demand and buying at lower levels offset ample supplies.

* The October contract nudged down 0.04 percent to 2,769 rupees per 100 kg, after hitting a contract low of 2,731 rupees earlier in the day.

GUAR SEED

Indian guar seed futures plunged on expectations of bumper production due to good rainfall in key growing north-western state of Rajasthan.

* The October contract ended 2.64 percent lower at 5,413 rupees per 100 kg.

TURMERIC

Turmeric futures also eased on expectations of higher production.

* The key October contract closed 1.1 percent lower at 5,946 rupees per 100 kg.

CUMIN SEED

Jeera, or cumin seed, futures fell on prospects of higher output due to good rainfall in top producing Gujarat state in August.

* The key October contract closed down 1.5 percent at 10,635 rupees per 100 kg.

CORN, WHEAT

The October corn contract was down 0.68 percent at 1,030 rupees per 100 kg, while October wheat eased 0.25 percent to 1,574 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by Anand Basu)

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