August 5, 2013 / 9:04 AM / 4 years ago

India oilseeds, soyoil rise on festive demand, weather

MUMBAI, Aug 5 (Reuters) - Indian oilseeds and soyoil futures edged higher on Monday on a likely rise in demand for edible oils due to festivals and as forecast of rainfall in the central part of the country in the next four days raised concerns over soybean output.

* A strong rupee, which makes edible oil imports cheaper and trims the returns of oilmeal exporters, capped the upside. The rupee rose on Friday.

* At 0840 GMT, the key October soybean contract on the National Commodity and Derivatives Exchange was up 0.48 percent at 2,953 rupees per 100 kg.

* “Stockists are increasing purchases of rapeseed. Edible oil demand is set to rise in the coming weeks due to festivals,” said Nalini Rao, an analyst at India Infoline Ltd.

“Weather concerns are still looming due to forecast of rainfall in soybean growing areas.”

* The key soybean producing Vidarbha region of Maharashtra and some parts of Madhya Pradesh are likely to receive heavy rainfall in the next four days, the weather department said on Monday.

* Indian farmers have grown soybeans on 11.88 million hectares as of Aug.1, compared with 10.31 million hectares a year earlier, farm ministry data showed.

* The key September soyoil contract rose 0.30 percent to 645.40 rupees per 10 kg, while the rapeseed contract for August edged up 0.65 percent to 3,234 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil was down 0.80 rupees at 672 rupees per 10 kg, while soybeans fell 15 rupees to 3,392 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed edged up by 3 rupees to 3,453 rupees. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)

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