May 30, 2013 / 9:43 AM / in 4 years

Indian soybean down on monsoon prospects

NEW DELHI, May 30 (Reuters) - Indian soybean futures fell on Thursday as prospects of timely onset of monsoon rains brightened, while soyoil declined on profit-booking taking cues from rival palm oil.

* India’s vital monsoon rains are expected to hit anytime now over the southern coast. India’s weather office has forecast the monsoon onset over the Kerala coast by June 3, give or take four days, a time period treated as normal.

* Timely progress of the monsoon over soybean-growing areas of central India will boost output prospects for the main summer season oilseed crop by giving sufficient time to mature.

* The June soybean contract on the National Commodity and Derivatives Exchange fell 0.6 percent to 3,805 rupees per 100 kg. The rapeseed June contract fell 0.4 percent to 3,448 rupees per 100 kg.

* “Chance of monsoon arrival anytime is keeping soybean down, while rapeseed reflected the negative sentiment,” said Prasoon Mathur, a senior analyst with Religare Commodities.

* Soyoil futures surrendered gains recorded in the last couple of sessions. The contract has gained about 1 percent since May 28 on the back of a weak rupee.

* Soyoil fell as Malaysian palm oil futures were down, slipping from a two-month high as weaker overseas markets weighed on the tropical oil, and as investor booked profits.

* At 0900 GMT, the benchmark Malaysian palm oil contract was down 0.6 percent at 2,384 Malaysian ringgit ($770)per tonne.

* Soy markets in the United States, tracked by palm, crumbled on Wednesday after news that China, the world’s largest buyer of soybean, had cancelled a 147,000 tonne order for U.S. soy.

* The key June soyoil contract edged down 0.2 percent to 711 rupees per 10 kg.

* At the Indore spot market in Madhya Pradesh, soybean was down 39 rupees at 3,920 rupees per 100 kg, while soyoil was 2.2 rupees down at 727 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed was flat at 3,479 rupees. ($1 = 3.0800 Malaysian ringgit) (Reporting by Ratnajyoti Dutta; Editing by Anand Basu)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below