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AGRI WRAP-Indian sugar, chana rise on festive demand; guar down
August 5, 2013 / 1:22 PM / 4 years ago

AGRI WRAP-Indian sugar, chana rise on festive demand; guar down

MUMBAI, Aug 5 (Reuters) - Indian oilseeds and soyoil futures ended steady on Monday as gains in the rupee and a drop in overseas edible oil prices offset a likely rise in local demand for edible oils due to festivals and concerns excess rains could damage the soybean crop.

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

* Malaysian palm oil futures slipped on Monday, ahead of the Eid al-Fitr holidays later in the week, although prospects of tighter supplies curbed losses.

* The key October soybean contract on the National Commodity and Derivatives Exchange closed down 0.27 percent at 2,931 rupees per 100 kg.

* Indian farmers have sown 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 eased 0.06 percent to 643.05 rupees per 10 kg, while the rapeseed contract for September edged up 0.19 percent to 3,249 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil was down 1.15 rupees at 671.65 rupees per 10 kg, while soybeans fell 16 rupees to 3,391 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed edged up by 13 rupees to 3,463 rupees.

* 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 sugar futures edged higher, after falling to their lowest in a fortnight earlier in the day, as lower-level buying aided by hopes of higher demand in the festive season offset a forecast of surplus output for a fourth straight year.

* The key August contract closed up 0.40 percent 3,011 rupees per 100 kg, after falling to 2,990 rupees, the lowest level since July 19.

* Spot sugar rose by 12 rupees to 3,051 rupees per 100 kg at the Kolhapur market in Maharashtra state.

* India is likely to produce 23.7 million tonnes of sugar in the 2013/14 marketing year beginning October, down 5.2 percent from a year earlier, but higher than the local demand of around 23 million tonnes.


Indian chana, or chickpea, futures rose, tracking firm cues from the spot market where demand improved at lower levels.

* The September contract closed up 1.54 percent at 2,844 rupees per 100 kg. It had lost more than 13 percent since the beginning of July.

* Spot chana edged up 31 rupees to 2,931 rupees per 100 kg in Delhi.


Guar seed futures fell more than 3 percent, weighed by hopes of higher output due to expanded area under cultivation and favourable weather.

* The October guar seed contract finished down 3.57 percent at 4,320 rupees per 100 kg.

* Rajasthan, the country’s top guar seed producing state, has received more rainfall than normal since the beginning of the monsoon on June 1, giving a boost to sowing operations.

* Guar seed fell 100 rupees to 5,600 rupees at Jodhpur in Rajasthan.


Indian jeera, or cumin seed, futures eased on higher-than-expected supplies and prospects of better sowing.

* The actively traded jeera contract for August delivery fell 0.34 percent at 13,055 rupees per 100 kg.

* Gujarat, the top producing state, has received above average rainfall so far in the monsoon season.

* Spot jeera rose 17 rupees to 13,545 rupees per 100 kg in Unjha.


Indian turmeric futures slipped due to higher carry-forward stocks and sluggish spot demand.

* The most-actively traded turmeric for August delivery fell 3.05 percent to 4,708 rupees per 100 kg.

* Spot turmeric prices fell 10 rupees to 5,300 rupees per 100 kg in Nizamabad. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)

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