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AGRI WRAP-India soybean hits contract high; spices up
July 2, 2012 / 1:18 PM / 5 years ago

AGRI WRAP-India soybean hits contract high; spices up

MUMBAI, July 2 (Reuters) - Indian soybean extended gains for another session on Monday to hit its contract high, bolstered by concerns over sowing after poor rains in growing areas and on firm global markets.

* The most-active soybean contract for August delivery on India’s National Commodity and Derivatives Exchange (NCDEX) ended up 0.32 percent to 4,023 rupees per 100 kg, after hitting a contract high of 4,052 rupees.

* The August soyoil contract fell 0.23 percent to end at 770.45 rupees per 10 kg, while rapeseed rose 0.27 percent to 4,001 rupees per 100 kg.

* In the Indore spot market in Madhya Pradesh, soyoil was steady at 753.95 rupees per 10 kg, while soybean rose 32 rupees to 3,948 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed jumped 60 rupees to 3,880 per 100 kg.

* India’s crucial monsoon rains were below average last week and failed to cover as much of the country as they should have, the weather office said on its website, fanning concerns about output of crops despite reassurances from weather officials.

CHANA:

Chana futures rose for a third consecutive session as the market fretted over slow progress of monsoon rains and improved domestic buying ahead of the festive season.

* The chana August contract on NCDEX ended up 1.01 percent to 4,487 rupees per 100 kg.

* In the Delhi spot market, chana rose 75 rupees to 4,490 rupees per 100 kg.

SUGAR:

India sugar futures ended up on an improvement in demand and as the government kept non-levy quota for the September unchanged, but higher supplies restricted the gains.

* The key July sugar contract on NCDEX ended 1.56 percent higher at 2,937 rupees per 100 kg.

* Spot sugar rose 26 rupees to 3,032 rupees in the key spot market in Kolhapur, in top producing Maharashtra state.

* India may produce 25 million tonnes of sugar in the next marketing year starting Oct. 1, down by 1 million tonnes from the likely output in the year to September, the Indian Sugar Mills Association (ISMA) said in a statement on Monday.

PEPPER:

Pepper futures ended up on lack of rains and hopes of a pickup in demand ahead of the festive season while slack supplies and dwindling stocks supported buying.

* The most-active July contract on the NCDEX closed 0.72 percent up at 41,000 rupees per 100 kg.

* In Kochi, an important market in Kerala, spot pepper rose 103 rupees to 40,283 rupees on weak export enquiries.

JEERA:

Indian jeera, or cumin seed, futures edged up on thin domestic supplies and on subdued rains in Gujarat state, the leading producer.

* The July jeera contract on the NCDEX gained 0.51 percent to close at 13,650 rupees per 100 kg.

* At Unjha, a key market in Gujarat, spot jeera rose 65 rupees to 14,046 rupees.

TURMERIC:

Turmeric futures rose on a likely drop in the sowing area due to unattractive prices and a slow progress of rains that could push back sowing operations.

* The August contract on NCDEX ended 3.16 percent up at 4,240 rupees per 100 kg.

* In Nizamabad spot market, turmeric rose 32 rupees to 3,704 rupees per 100 kg. (Reporting by Meenakshi Sharma; Editing by Anand Basu)

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