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AGRI WRAP-India soyoil, oilseed down on strong rupee; chana up on demand
September 17, 2012 / 1:22 PM / 5 years ago

AGRI WRAP-India soyoil, oilseed down on strong rupee; chana up on demand

MUMBAI, Sept 17 (Reuters) - Indian soybean and soyoil futures fell on Monday, hit by a drop in the U.S. market, a strong rupee and a likely rise in local soybean supplies from the new season crop.

* Rapeseed also eased, but losses were limited by good demand in the spot market.

* Chicago soybeans fell for a second consecutive session on Monday, pressured by a rapidly advancing U.S. harvest, which is bringing fresh supplies to the market.

* The October soyoil contract on India’s National Commodity and Derivatives Exchange closed provisionally down 1.45 percent at 762.25 rupees per 10 kg.

* A rise in the rupee, which hit a four-month high on Monday, makes imports cheaper and trims returns of exporters.

* The October soybean contract dropped 1.23 percent to provisionally closed at 3,691 rupees per 100 kg, while rapeseed closed flat at 4,227 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil eased by 2.6 rupees to 795.4 rupees per 10 kg, while soybean fell 116 rupees to 4,384 rupees per 100 kg. In Sri Ganganagar in Rajasthan, rapeseed fell 55 rupees to 4,145 rupees per 100 kg.

* India has set a new base price for RBD palmolein imports at $1,042 per tonne, higher than the previous price, a government statement said on Monday.

SUGAR

Indian sugar futures ended higher on expectations of a rise in retail demand in the next two months due to festivals and a delay in cane crushing in the key producing region.

* The key October contract provisionally closed up 0.19 percent at 3,608 rupees per 100 kg.

* The western state of Maharashtra, the country’s top sugar producer, has decided to start crushing for the 2012/13 season from Nov. 1, instead of Oct. 1, as cane has not developed well due to water shortage.

* In the Kolhapur spot market in Maharashtra, sugar edged down 5 rupees to 3,638 rupees per 100 kg.

CHANA

Indian chana futures recovered to end higher after an early fall, bolstered by expectations of an improvement in consumer demand during the approaching festival season.

* Indians celebrate the Ganesh festival this month, which will be followed by Dussehra in October and Diwali in November. The consumption of all pulses including chana usually rises during the festival period.

* The key October delivery contract provisionally closed up 0.58 percent at 4,519 rupees per 100 kg.

* In the Delhi spot market, chana rose 50 rupees to 4,613 per 100 kg.

SPICES

Indian jeera, or cumin seed, futures rose in a choppy session on lower supplies and a likely rise in export demand, though heavy rains in Gujarat, which could boost sowing, capped gains.

* The September jeera contract provisionally closed up 0.28 percent at 14,350 rupees per 100 kg.

* In the Unjha spot market in Gujarat, jeera fell 29 rupees to 14,775 rupees per 100 kg.

PEPPER

Indian pepper futures closed nearly flat after a day of choppy, low-volume trade on weak demand, which outweighed a supply shortage in the spot markets.

* Farmers, reluctant to sell at current levels, are holding back supplies, thus preventing a sharp fall in prices despite weak demand.

* The key October pepper contract provisionally closed down 0.02 percent at 43,025 rupees per 100 kg.

* In the Kochi spot market in Kerala state, pepper prices fell by 50 rupees to 41,537 rupees per 100 kg.

TURMERIC

Indian turmeric futures fell as traders shifted positions ahead of the expiry of the near-month contract amid moderate local demand.

* The October turmeric contract provisionally closed down 1.56 percent at 5,820 rupees per 100 kg.

* At Nizamabad, spot turmeric rose 125 rupees to 5,786 rupees per 100 kg on a lower seeded area.

* Turmeric is planted between June and August and is harvested after nine months. (Reporting by Deepak Sharma; Editing by Sunil Nair)

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