July 25, 2012 / 12:54 PM / 5 years ago

AGRI WRAP-India oilseeds, spices move higher; chana drops

MUMBAI, July 25 (Reuters) - Indian oilseeds and soyoil futures rose on Wednesday tracking gains in overseas markets and on good demand for oilmeal in local spot markets, though forecast of rainfall in top soybean producing Madhya Pradesh state capped the upside.

* Malaysian crude palm oil rebounded on Wednesday on bargain hunting after prices hit a five-week low earlier in the session, although gains were modest as investors remained worried that the euro zone debt crisis could hurt demand.

* The August soybean contract on India’s National Commodity and Derivatives Exchange closed up 1.83 percent at 4,816.5 rupees per 100 kg, after hitting a peak of 5,064.5 rupees last week.

* The August soyoil contract edged up 0.93 percent to 798.95 rupees per 10 kg, after hitting a peak of 813.4 last week, while rapeseed rose 2.56 percent to 4,487 rupees per 100 kg.

* In the Indore spot market in Madhya Pradesh, soyoil edged up 0.65 rupee to 786.6 rupees per 10kg, while soybean dropped by 39 rupees to 4,731 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed climbed 174 rupees to 4,375 rupees per 100 kg.

SUGAR

Indian sugar futures edged higher on good export demand and on concerns that dry weather in key cane-growing areas could trim next year’s output.

* The government’s decision to provide additional quota weighed on sentiment. India has converted 266,000 tonnes of unsold levy sugar into non-levy and asked mills to sell it before end-August, the government said in a statement.

* Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a quarterly basis.

* The key August contract closed up 0.6 percent at 3,362 rupees per 100 kg. It hit a contract high of 3,395 rupees earlier this week.

* In the Kolhapur spot market in top producing Maharashtra state, sugar fell 23 rupees to 3,368 rupees per 100 kg.

CHANA

Chana futures fell tracking dull cues from the spot market where demand from retailers and millers eased at higher prices, though thin supplies in the local market kept the downside limited.

* The most-active chana for August delivery ended down 1.87 percent at 4,729 rupees per 100 kg.

* In the Delhi spot market, chana fell 40 rupees to 4,910 rupees per 100 kg.

TURMERIC

Turmeric futures in India hit a fresh contract high as poor rainfall hurt sowing operations and on strong export and domestic demand.

* The August turmeric contract finished up 3.45 percent at 6,480 rupees per 100 kg, after hitting a contract high of 6,516 rupees earlier in the day.

* At the Nizamabad spot market in Andhra Pradesh, turmeric rose 291 rupees to 5,857 rupees per 100 kg.

* The total area under cultivation in India, the world’s biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season.

JEERA

Jeera futures rose as fresh export enquiries and improved domestic buying aided sentiment while slack stocks with other leading producers also supported the upside.

* The August jeera contract closed up 3.9 percent at 16,722.5 rupees per 100 kg after touching a contract high of 16,740 rupees.

* At Unjha’s spot market in Gujarat, jeera jumped 387 rupees to 16,305 rupees per 100 kg.

PEPPER

Pepper futures traded higher on dwindling stocks and thin daily supplies to local markets, aided by expectations that scanty rains in Karnataka could hit output.

* The most-active August contract rose 1.27 percent to 44,165 rupees per 100 kg.

* In Kochi, spot pepper rose 326 rupees to 42,463 rupees. (Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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