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Indian soybean, soyoil gain on short-covering; sugar down
August 12, 2015 / 1:24 PM / 2 years ago

Indian soybean, soyoil gain on short-covering; sugar down

NEW DELHI, Aug 12 (Reuters) - Indian soybean and soyoil futures rose on Wednesday on short-covering while sugar fell on profit-taking after a recent rally.

* Malaysian palm oil futures fell on Wednesday on concerns demand from key buyer China could decline after the nation devalued its currency, and as prices of rival soyoil dropped.

* The August soybean futures contract on the National Commodity and Derivatives Exchange ended 1.70 percent higher at 3,224 rupees per 100 kg after rising to a near two-week high of 3,242 rupees earlier in the session.

* August rapeseed futures gained 1.30 percent to 4,131 rupees per 100 kg on value buying.

* “Rapeseed has been up because of demand at lower levels and some technical buying; because of lower availabilty in the domestic market, the downside seems to be limited,” said Faiyaz Hudani, associate vice president at Kotak Commodity Services.

* August soyoil futures were 0.32 percent higher at 579.20 rupees per 10 kg at 1239 GMT on short-covering and as prices converged in line with the spot market ahead of the expiry of the contract.

SUGAR

* The key October contract for sugar was down 0.21 percent at 2,347 rupees per 100 kg as investors booked profits.

* India is likely to bring in rules to make it compulsory for sugar mills to export millions of tonnes of surplus supplies to support local prices, sources said, in a move that could quell growing anger among farmers but add to a glut in global markets.

CORN, WHEAT

* The August corn contract edged up 0.16 percent to 1,246 rupees per 100 kg on patchy rains in maize growing areas in the southern state of Karnataka, while the August wheat contract climbed 0.67 percent to 1,496 rupees per 100 kg. (Reporting by Sankalp Phartiyal; Editing by Biju Dwarakanath)

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