July 16, 2012 / 1:48 PM / 5 years ago

AGRI WRAP-Most Indian agri commodities hit contract highs

MUMBAI, July 16 (Reuters) - Indian oilseeds futures rose 3 percent to hit their contract highs, powered by a rally in overseas markets and as poor rainfall raised concerns over output.

* Malaysian palm oil futures rose 1.66 percent to 3,083 ringgit per tonne, while U.S. soybean jumped 2.23 percent to $16.30-1/4 per bushel.

* Indian farmers have cultivated soybean on 5.45 million hectares as on July 13, compared with 6.73 million hectares during the same time a year earlier, farm ministry data showed.

* August soybean closed 3.78 percent higher on the National Commodity and Derivatives Exchange (NCDEX) at 4,682.50 rupees per 100 kg, after hitting a contract high of 4,692.50 rupees.

* Soyoil for August delivery ended 1.18 percent higher at 805.25 rupees per 10 kg, after hitting a contract high of 808.40 rupees.

* Rapeseed closed 2.04 percent higher at 4,350 rupees, after hitting a high of 4,379 rupees.

* In the Indore spot market in Madhya Pradesh, soyoil was up 5.25 rupees at 787.5 rupees per 10 kg, while soybean climbed 113 rupees to 4,544 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed surged 133.85 rupees to 4,288.85 per 100 kg.

TURMERIC

Turmeric futures reversed from their contract high helped by concerns over sowing following the slow progress of monsoon.

* The August contract on the NCDEX ended 0.64 percent lower at 5,256 rupees per 100 kg, after hitting a contract high of 5,478 rupees.

* The total area under cultivation in India, the world’s biggest producer and exporter of the yellow spice, is likely to fall 30 percent this season.

* At Nizamabad, spot turmeric rose 223 rupees to 4,635.70 rupees per 100 kg.

JEERA

Jeera, or cumin seed, futures hit a contract high on weather concerns and robust overseas demand amid slack local supplies.

* The August jeera contract on the NCDEX ended up 0.4 percent to 15,905 rupees per 100 kg, after hitting a contract high of 16,247.5 rupees.

* At Unjha, a leading market in Gujarat, jeera rose 100 rupees to 15,550 rupees per 100 kg.

PEPPER

Pepper futures ended higher on improved seasonal demand from domestic buyers amid a squeeze in spot supplies.

* The most-active August contract on the NCDEX ended 1.15 percent higher at 43,795 rupees per 100 kg. It has risen more than 4 percent since the start of the month.

* In Kochi, a key market in Kerala, spot pepper rose 22.3 rupees to 41,700 rupees.

CHANA

Chana futures touched a record high on Monday due to robust demand in the spot market ahead of the festive season amid thin supplies and inadequate stocks.

* Chana for August delivery on the NCDEX ended 0.16 percent up a t 4,737 rupees per 100 kg, after touching a record high of 4,840 earlier in the session.

* Demand for chana usually rises during the rainy season due to lower availability of fresh vegetables and the festive season that begins next month.

* In the Delhi spot market, chana rose 161.80 rupees to 4,832.80 rupees per 100 kg.

SUGAR

Sugar futures jumped 2 percent on Monday to hit a contract high as demand in the spot market improved on lower quota for the September quarter and on concerns over production due to poor rainfall.

* The key August contract on India’s National Commodity and Derivatives Exchange ended up 2.06 percent at 3,267 rupees per 100 kg, after hitting a high of 3,281 rupees earlier in the day.

* In the Kolhapur spot market in top producing Maharashtra state, sugar surged by 60 rupees to 3,295 rupees per 100 kg.

* India has allowed millers to sell 4.5 million tonnes of sugar from July to September in the open market, unchanged from the previous quarter. Usually, the government increases the quota for festivals. (Reporting by Siddesh Mayenkar; Editing by Prateek Chatterjee)

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