December 8, 2014 / 1:42 PM / 3 years ago

Indian rapeseed futures attract new buying on output worries

NEW DELHI, Dec 8 (Reuters) - Indian rapeseed futures ended up on Monday with fresh buying supporting the main winter oilseed crop amid concerns of lower output due to a smaller area under plantation.

* The buying was driven by expectations that India’s rapeseed output would fall in 2015.

* Soybeans gained as fresh supplies eased in spots, while improved export prospects for soymeal, a by-product used as animal feed, supported the buying.

* Soyoil futures traded higher, taking cues from the early trend in rival palm oil futures in Malaysia.

* The key January rapeseed contract on the National Commodity and Derivatives Exchange ended 3.8 percent higher at 4,087 rupees ($66) per 100 kg, while the January soybean contract rose 1.4 percent to 3,339 rupees per 100 kg.

* At 0105 GMT, the key January soyoil contract was up 1.5 percent at 589 rupees per 10 kg.

* Oilseed futures may open higher in the next session. But soyoil futures are likely to open weak on profit-taking as Malaysian palm oil futures ended down after crude markets dived to five-year lows.

CHICKPEA

Indian chana or chickpea futures ended up on lower acreage for winter sown pulses.

* The January contract ended up 3.0 percent at 3,138 rupees per 100 kg.

* Chana futures are likely to open down on comfortable supplies in spots.

CUMIN SEED

Jeera, or cumin seed, futures rose on reports of adverse weather conditions in growing states in western India.

* The key January contract finished 2.8 percent up at 12,965 rupees per 100 kg.

TURMERIC

Turmeric futures ended up as lower rains in growing areas of South India have adversely affected sowing of the new crop.

* The key April contract closed 1.1 percent higher at 7,440 rupees per 100 kg.

SUGAR:

Indian sugar futures were higher as mills are still hopeful about incentives for exports.

* The key March contract was 0.3 percent up at 2,773 rupees per 100 kg.

GUAR SEED

Indian guar seed futures fell on profit-taking as export demand slackened on a fall in crude prices.

* The January contract ended 2.3 percent lower at 4,695 rupees per 100 kg.

CORN, WHEAT

The December corn contract was up 0.7 percent at 1,145 rupees per 100 kg, while December wheat was up 0.1 percent at 1,659 rupees per 100 kg.

Reporting by Ratnajyoti Dutta; Editing by Anupama Dwivedi

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