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Indian soy futures up; rapeseed down on China bird flu fear
April 9, 2013 / 9:18 AM / 5 years ago

Indian soy futures up; rapeseed down on China bird flu fear

NEW DELHI, April 9 (Reuters) - Indian soy futures rose on Tuesday as soybean supply almost exhausted in spots, but rapeseed was down as oilmeal exporters stayed away due to fears the bird flu outbreak in China could spread to other Asian countries.

* Global sentiment is also expected to keep buyers away from taking fresh positions in the domestic futures.

* “A correction is expected in the domestic oilseed futures due to the outbreak of bird flu in China which could cut demand for animal feeds in Asia,” said Badruddin Khan, associate vice-president of research at Indiabulls Commodities Ltd.

* India, a leading supplier of animal feeds in Asia, exports mainly soymeal and rapeseed meal to countries such as Japan, Thailand, Vietnam, Malaysia and Indonesia.

* China also used to be a leading buyer of Indian rapeseed meal until last year before it banned oilmeal imports from the south Asian country after finding in them traces of malachite green.

* A strain of bird flu that has been found in humans for the first time in eastern China is no cause for panic, the World Health Organization said on Monday, as the number of people infected rose to 24, with seven deaths.

* At 0900 GMT, the benchmark Malaysian palm oil contract was down 0.2 percent at 2,396 ringgit ($780) a tonne as traders kept an eye on the development of the bird flu outbreak in China, which could also reduce demand for vegetable oil.

* U.S. soybeans were down 0.05 percent at $13.77 per bushel on an improvement in U.S. winter crop ratings.

* India, the world’s leading vegetable oil buyer, meets more than half of its edible oil demand via imports, which largely constitute palm oil.

* The actively traded soybean contract for May delivery was 1.0 percent up at 3,993 rupees ($73.19)per 100 kg on the National Commodity and Derivatives Exchange, while the May soyoil was 0.4 percent higher at 711 rupees per 10 kg.

* Rapeseed for May was 0.03 percent down at 3,634 rupees per 100 kg.

* Traders said spot prices were higher due to demand for cooking oils ahead of the marriage season.

* At the Indore spot market in Madhya Pradesh, soyoil rose 2.5 rupees to 727 rupees per 10 kg, while soybeans were up 18 rupees at 4,103 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 5 rupees to 3,624 rupees. [$1 = 3.0605 Malaysian ringgits] (Reporting by Ratnajyoti Dutta; Editing by Subhranshu Sahu)

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