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India oilseeds, soyoil hit record highs on bad weather
July 16, 2012 / 8:28 AM / 5 years ago

India oilseeds, soyoil hit record highs on bad weather

MUMBAI, July 16 (Reuters) - Indian soyoil and oilseeds futures extended gains on Monday to hit record highs, powered by a rally in the world market and as poor rainfall at home raised concerns over oilseed output.

* “Weather conditions are not improving in the United States. Every week industry is downsizing soybean crop estimate,” said Prasoon Mathur, an analyst with Religare Commodities.

“Unless we see any kind of improvement in the weather there, rally will continue in the world market.”

* Drought stress has already dragged the U.S. corn and soy crop condition ratings to the lowest point for this time of year since 1988, and traders are expecting further downgrades in the U.S. Department of Agriculture’s weekly report on Monday.

* Malaysian palm oil futures rose 1.76 percent to 3,125 ringgit per tonne by 0747 GMT, while U.S. soybean jumped 2.18 percent to $16.29-1/2 per bushel.

* The August soybean contract on India’s National Commodity and Derivatives Exchange was up 3.35 percent at 4,663 rupees per 100 kg, after hitting a record high of 4,674.5 rupees earlier in the day.

* Indian farmers have cultivated soybean on 5.45 million hectares as on July 13, compared with 6.73 million hectares during the same time a year ago, farm ministry data showed.

* The August soyoil contract rose 1.27 percent to 805.1 rupees per 10 kg, after hitting a record high of 808.4 rupees, while rapeseed rose 2.06 percent to 4,351 rupees per 100 kg, after hitting a record high of 4,378.

* Good exports demand for Indian soymeal and tight supplies of soybean in spot market also underpinned sentiments, analysts said.

* India’s soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes during the same period a year ago, the Solvent Extractors’ Association of India said in a statement.

* India’s total vegetable oil imports in June stood at 783,315 tonnes, down 12.7 percent from 896,921 tonnes in the previous month, the data from the Solvent Extractors’ Association (SEA) showed.

* In the Indore spot market in Madhya Pradesh, soyoil was up 5.25 rupees at 787.5 rupees per 10 kg, while soybean climbed 111 rupees to 4,542 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed surged 115 rupees to 4,270 per 100 kg. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)

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