May 30, 2012 / 9:08 AM / 5 years ago

Indian soybean, rapeseed edge up on tight supply

MUMBAI, May 30 (Reuters) - Indian soybean and rapeseed futures edged higher on Wednesday on thin domestic supplies and expectations a weaker rupee would boost soymeal exports.

* Soyoil, however, eased as a drop in overseas prices outweighed the depreciating rupee.

* Malaysian palm oil futures were down 1.38 percent at 3,134 ringgit per tonne at 0820 GMT, while U.S. soybean fell 0.65 percent to $13.78 per bushel.

* June soyoil on India’s National Commodity and Derivatives Exchange (NCDEX) eased 0.12 percent to 736.2 rupees per 10 kg.

* Analysts said they expect prices to rise because a weaker rupee would make imports costlier. India is the world’s biggest importer of edible oils.

* “Overall trend is up ... weak rupee will have long term impact on imported edible oils prices,” said Chowda Reddy, senior analyst at JRG Wealth Management.

* The country imported 4.71 million tonnes of vegetable oils in November to April, up 31 percent from the year-ago period, data from a leading trade body showed.

* The rupee weakened to 56.2 against the U.S. dollar, within sight of its record low of 56.40.

* The June soybean edged up 0.51 percent to 3,381 rupees per 100 kg on, while rapeseed for June delivery rose 0.52 percent to 3,858 rupees.

* Soybean stocks have depleted as good prices for meal in the world market prompted oil millers to crush the beans aggressively earlier this year.

* In the Indore spot market in Madhya Pradesh, soyoil rose by 2.75 rupees to 729.05 rupees per 10 kg, while soybean was up 26 rupees at 3,450 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed dropped 30 rupees to 3,710 per 100 kg. (Reporting by Rajendra Jadhav)

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