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Indian soyoil and oilseeds futures rise, shrug off weak overseas market
August 13, 2014 / 1:33 PM / 3 years ago

Indian soyoil and oilseeds futures rise, shrug off weak overseas market

NEW DELHI, Aug 13 (Reuters) - Indian soyoil, soybean and rapeseed futures rose on Wednesday, shrugging off falls in overseas markets where benchmark palm oil futures stayed near their lowest levels in more than a year.

* Malaysian palm oil futures edged down on Wednesday to hover around their lowest levels in more than a year, weighed down by projections of bigger-than-expected supplies of rival oilseeds, which could eat into demand for the tropical oil.

* The U.S. Department of Agriculture (USDA) estimated on Tuesday that U.S. soybean stocks would end the 2014/2015 marketing year at 430 million bushels, surpassing market expectations of 414 million.

* At 1235 GMT, the key September soyoil contract on the National Commodity & Derivatives Exchange was up 0.43 percent at 660 rupees per 10 kg, while the September rapeseed contract rose 0.40 percent to 3,549 rupees per 100 kg.

* The key October soybean contract closed up 2.27 percent at 3,656 rupees per 100 kg.


Guar seed futures rose due to good export demand.

* The August contract closed 3.91 percent higher at 5,661 rupees per 100 kg.


Indian sugar futures fell on higher supplies from mills.

* The key September contract was down 0.06 percent at 3,100 rupees per 100 kg.

* India will have enough sugar to last roughly four months when the new season starts in October, the chief of a leading industry body said, keeping a lid on local prices even if some money-losing mills stick to their decision of not crushing cane.


Turmeric futures rose on buoyant purchases.

* The key September contract finished up 0.3 percent at 6,624 rupees per 100 kg.


Jeera, or cumin seed, futures rose after good demand in the physical market.

* The key September contract ended up 0.22 percent at 11,310 rupees per 100 kg.


Chana, or chickpea, futures rose due to good demand in the physical market.

* The September chana contract closed up 1 percent at 2,932 rupees per 100 kg.


Corn futures rose on export enquiries.

* The September corn contract was 0.95 percent higher at 1,170 rupees per 100 kg, while September wheat finished down 0.06 percent at 1,598 rupees per 100 kg. (Reporting by Mayank Bhardwaj; Editing by Prateek Chatterjee)

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