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India oilseeds, soyoil fall as traders cash in gains
March 20, 2012 / 8:38 AM / 6 years ago

India oilseeds, soyoil fall as traders cash in gains

MUMBAI, March 20 (Reuters) - Indian oilseed and soyoil futures dropped on Tuesday afternoon on profit-taking driven by losses in the overseas markets and a likely rise in the country’s edible oil imports in coming months, analysts said.

* An estimated drop in the rapeseed production and thin physical soybean arrivals limited the downside, they said.

* Malaysian palm oil futures fell 0.42 percent to 3,359 ringgit per tonne by 0827 GMT, while U.S. soybean eased 0.64 percent to $13.57-3/4 per bushel.

* Soybean for April delivery on India’s National Commodity and Derivatives Exchange was down 1.12 percent at 2,874.5 rupees per 100 kg, after hitting a record high of 2,944 rupees on March 14. T he contract has fallen more than two percent from the record high in line with overseas markets.

* Rapeseed for April delivery edged down 0.58 percent to 3,784 rupees per 100 kg, while April soyoil fell 0.67 percent to 731.05 rupees per 10 kg.

* “Edible oil importers have already booked shipments for May and June delivery anticipating lower rapeseed production,” Prasoon Mathur, an analyst with Religare Commodities, said.

* India’s total vegetable oil imports jumped 59 percent on year in February to 875,649 tonnes, a trade body said on March 14.

* “There will not be any supply shortage in edible oil market. Contracts for July and August are not charging premium over April contract. It is indicating comfortable supplies in coming months,” Mathur said.

* The country’s rapeseed output is estimated to drop by 12.6 percent to 6.03 million tonnes in the year to June 2012, said the Central Organisation for Oil Industry and Trade (COOIT) on Sunday.

* India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meagre carry forward stocks of beans, a senior industry official said on March 9.

* In the Indore spot market in Madhya Pradesh, soyoil fell 3.65 rupees to 731.35 rupees per 10 kg, while soybean edged down a rupee to 2,835 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed climbed 29 rupees to 3,704 per 100 kg. (Reporting by Rajendra Jadhav; Editing by Harish Nambiar)

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