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Indian soybeans ease from 10-week high; rapeseed up
March 7, 2013 / 9:27 AM / 5 years ago

Indian soybeans ease from 10-week high; rapeseed up

MUMBAI, March 7 (Reuters) - Indian soybeans eased from their
highest level in more than 10 weeks on Thursday, tracking
overseas markets and on lack of export demand for meal, while
rapeseed edged higher on short-covering.
    * India's soymeal exports fell 6.2 percent in February from
a month ago, due to lower crushing as farmers hold back stocks
on hopes of better prices, while the approaching arrival of the
South American crop dampened demand for Indian meal. Soybeans
are crushed to produce soymeal and soyoil. 
    * At 0918 GMT, the soybean contract for April delivery
 on the National Commodity and Derivatives Exchange
(NCDEX) was 0.06 percent lower at 3,415.50 rupees per 100 kg,
easing from the previous day's high of 3,444.50 rupees, a level
last seen on Dec. 17.
    * "CBOT is down, which is weighing on prices, and even
soymeal exports were down in February," said Chowda Reddy, a
senior analyst with JRG Wealth Management.
    * The rapeseed contract for April was 0.56 percent
higher at 3,405 rupees per 100 kg. Soyoil for April delivery
 was 0.06 percent lower at 674.20 rupees per kg.
    * "Rapeseed will come down due to expectations of higher
arrivals," said Reddy, adding rapeseed may trade in a range of
3,380 rupees to 3,420 rupees.
    * India's rapeseed output is expected to surge by a fifth
this year due to favourable weather conditions, helping the
world's biggest vegetable oil importer boost local supplies by
400,000 tonnes. 
    * At the Indore spot market in Madhya Pradesh, soyoil edged
2.65 rupees lower to 683.30 rupees per 10 kg, while soybeans
were up 5 rupees at 3,462 rupees per 100 kg. Rapeseed in Jaipur
rose 11.25 rupees to 3,551.65 rupees per 100 kg.

 (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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