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AGRI WRAP-Indian soyoil hits 2-month high; guar jumps 4 pct
August 27, 2013 / 1:07 PM / 4 years ago

AGRI WRAP-Indian soyoil hits 2-month high; guar jumps 4 pct

MUMBAI, Aug 27 (Reuters) - Indian soyoil futures extended gains on Tuesday to their highest in more than two months, while the soybean contract hit nearly a six-week high, bolstered by gains in overseas markets and on a weak rupee.

* The key October soybean contract ended up 0.59 percent at 3,556 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX). It had touched 3,587 rupees earlier in the session, the highest level since July 19.

* The key September soyoil contract ended up 0.76 percent at 706.40 rupees per 10 kg, after rising to 711.50 rupees earlier in the day, the highest since June 18. It had closed up 2.28 percent at 701.05 rupees on Monday.

* The rapeseed contract for September eased 0.90 percent to 3,504 rupees per 100 kg as higher stocks weighed.

* At the Indore spot market in Madhya Pradesh, soyoil edged up 4.70 rupees to 705.40 rupees per 10 kg, while soybeans jumped 49 rupees to 3,826 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 12.80 rupees to 3,675.85 rupees.

SUGAR

Indian sugar futures dropped to their lowest in three weeks on weak demand and ample supplies due to surplus production in three straight years, although hopes that a weak rupee will revive exports limited the downside.

* The key September contract ended down 0.30 percent at 3,007 rupees per 100 kg on the NCDEX. It fell to 3,001 rupees earlier in the day, the lowest level since Aug. 6.

* Spot sugar was down 6.10 rupees at 3,038.10 rupees per 100 kg at the Kolhapur market in Maharashtra state.

GUAR

Indian guar seed futures hit their maximum intra-day upper limit on concerns that rains could delay arrivals from the new season crop, while slack supplies in the local market supported the upside.

* Farmers have held back supplies of guar from the old crop on hopes of getting better prices later.

* The October contract ended up 4.17 percent at 5,000 rupees per 100 kg on the NCDEX.

* Guar seed rose 145.45 rupees to 6,100 rupees per 100 kg at Jodhpur in Rajasthan.

CHICK PEAS

Indian chana, or chickpea, futures fell as expectations of better sowing in the winter months and higher area under summer-sown pulses weighed on sentiment.

* Chickpea is a rabi crop sown during winter. Farmers depend on rains to moisten the land for sowing.

* The September contract for chana fell 1.54 percent to 3,127 rupees per 100 kg.

* Spot chana rose 20 rupees to 3,312 rupees per 100 kg in Delhi.

CUMIN SEEDS

Indian jeera, or cumin seed, futures rose due to some improvement in overseas enquiries and demand from spot buyers.

* The actively traded jeera contract for September delivery ended up 0.33 percent at 13,622.50 rupees per 100 kg on the NCDEX.

* At Unjha in Gujarat, spot jeera rose 12.5 rupees to 13,675 rupees per 100 kg.

TURMERIC

Indian turmeric futures edged lower as higher carry-forward stocks weighed on sentiment.

* The most-actively traded turmeric contract for September delivery ended 0.51 percent lower at 5,110 rupees per 100 kg on the NCDEX.

* Turmeric sowing is almost complete in the leading cultivating areas and the crop is in good condition, traders said.

* At the Nizamabad spot market in Andhra Pradesh, turmeric fell 17.80 rupees to 5,141.30 rupees per 100 kg. (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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