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India oilseeds, soyoil steady; strong rupee weighs
December 31, 2013 / 9:00 AM / in 4 years

India oilseeds, soyoil steady; strong rupee weighs

MUMBAI, Dec 31 (Reuters) - Indian oilseeds and soyoil futures were steady on Tuesday as a strong rupee offset a rise in overseas edible oil prices and on concerns a sharp drop in temperature in the northern part of the country could damage the rapeseed crop.

* A strong rupee makes edible oil imports cheaper, and trims returns of oilmeal exporters. The rupee was trading stronger on Tuesday.

* Malaysian palm oil futures edged up in tight trade on Tuesday after a slight recovery in exports signalled rising food and fuel demand for the edible oil, triggering a bout of speculative buying which lifted prices.

* At 0847 GMT, the key January soybean contract was down 0.04 percent at 3,771 rupees ($60.87) per 100 kg on the National Commodity and Derivatives Exchange.

* “Oil mills are not actively buying soybeans as there are limited soymeal exports orders for January. Except Iran, no one is willing to pay higher price sought by Indian exporters,” said a dealer based in Indore.

* The January soyoil contract fell 0.28 percent to 691.50 rupees per 10 kg, while the rapeseed contract for January dropped 0.23 percent to 3,500 rupees per 100 kg, after hitting a low of 3,480 rupees, the lowest level since Sept. 25.

* Indian farmers had cultivated rapeseed on 6.75 million hectares as of Dec. 19, compared with 6.36 million hectares a year earlier.

* Temperature has fallen below normal level in top rapeseed producing Rajasthan state. Some parts of the state even reported ground frost, the weather department said on Monday.

* At the Indore spot market in Madhya Pradesh state, soybeans edged down 3 rupees to 3,887 rupees per 100 kg, while soyoil eased 0.90 rupee to 696.30 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed fell 8 rupees to 3,642 rupees. ($1 = 61.9550 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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