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Indian soyoil, soybean, rapeseed futures up after palm oil soars
February 5, 2015 / 12:22 PM / 3 years ago

Indian soyoil, soybean, rapeseed futures up after palm oil soars

NEW DELHI, Feb 5 (Reuters) - Indian soyoil, soybean and rapeseed futures rose on Thursday after the benchmark palm oil contract in Malaysia posted its biggest single-day gain since October 2010.

* Malaysian palm oil climbed more than 5 percent on Thursday, its biggest single-day gain since October 2010, as the market was buoyed by hopes a plan by the world's top producer Indonesia to increase biodiesel subsidies would make blending profitable and as technicals provided support.

* The February soybean contract closed 0.49 percent higher at 3,468 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), while the April rapeseed contract rose 0.79 percent to 3,335 rupees per 100 kg.

* At 1200 GMT, the key February soyoil contract was 0.71 percent up at 628 rupees per 10 kg.

SUGAR

Sugar futures gained on expectations that the government may announce incentives for exports of the raw variety.

* The key March contract rose 0.11 percent to 2,678 rupees per 100 kg.

* India is likely to produce 26 million tonnes of sugar in the current season ending Sept. 30, as much as 4 percent more than an earlier estimate, the head of an industry body said on Friday.

* India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.

GUAR SEED

Guar seed futures ended weak as traders booked profit after recent gains, though concerns over lower output and thin spot supplies could support buying on Friday.

* The February contract closed 1.64 percent lower at 4,069 rupees per 100 kg.

CHICKPEA

Chana, or chickpea, futures fell on sluggish local demand though lower area under cultivation could support prices in the next trading session.

* The February contract closed 0.32 percent lower at 3,437 rupees per 100 kg.

JEERA

Indian jeera, or cumin seed, futures fell on subdued local demand amid higher-than-expected supplies.

* The key February jeera contract fell 1.77 percent to 14,150 rupees per 100 kg.

* Jeera futures may open up on Friday due to lower area under cultivation and concerns over delay in local supplies.

TURMERIC

Turmeric futures ended weak, weighed by new season arrivals and weak export enquiries.

* The key April contract closed down 1.12 percent at 7,950 rupees per 100 kg.

CORN, WHEAT

The February corn contract ended 1.54 percent higher at 1,185 rupees per 100 kg, while the February wheat contract closed unchanged at 1,670 rupees per 100 kg. (Reporting by Mayank Bhardwaj; Editing by Sunil Nair)

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