September 17, 2012 / 8:53 AM / 5 years ago

India soybean, soyoil drop on rupee, U.S. market

MUMBAI, Sept 17 (Reuters) - Indian soybean and soyoil futures fell on Monday, hit by a drop in the U.S. market, a strong rupee and a likely rise in local soybean supplies from the new season crop.

* Rapeseed also eased, but losses were limited by good demand in the spot market.

* Chicago soybeans fell for a second consecutive session on Monday, pressured by a rapidly advancing U.S. harvest, which is bringing fresh supplies to the market.

* “Market is expecting improvement in soybean supplies in the next few weeks. Already in some areas harvesting of new crop has started,” Subhranil Dey, an analyst with SMC Comtrade, said.

* The October soyoil contract on India’s National Commodity and Derivatives Exchange was down 1.48 percent at 762.25 rupees per 10 kg by 0842 GMT.

* India’s vegetable oil imports in August were 897,018 tonnes, up from 870,328 tonnes in the previous month, the Solvent Extractors’ Association (SEA) said in a statement.

* A strong rupee makes edible oil imports cheaper and at the same time trims returns of oilmeal exporters. The Indian rupee hit a four-month high on Monday.

* The October soybean contract dropped 1.7 percent to 3,673.5 rupees per 100 kg, while rapeseed eased 0.31 percent to 4,213 rupees per 100 kg.

* India’s soybean production in 2012/13 is likely to rise to 11.8 million tonnes from 11 million tonnes in the current year, J.P. Morgan said in a report earlier this month.

* Indians celebrate the Ganesh festival this month, which will be followed by Dussehra in October and Diwali in November. Edible oil consumption usually rises during the festival period.

* At the Indore spot market in Madhya Pradesh, soyoil eased by 2.15 rupees to 795.85 rupees per 10 kg, while soybean fell 106 rupees to 4,384 rupees per 100 kg. In Sri Ganganagar in Rajasthan, rapeseed rose 50 rupees to 4,250 rupees per 100 kg.

* Good rainfall in rapeseed cultivating regions in the past one month can lift the output of the winter-sown oilseed in 2012/13, dealers said. It may rise 9 percent to 6 million tonnes, a senior industry official said. (Reporting by Rajendra Jadhav; Editing by Ram Mohan)

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