August 21, 2012 / 7:57 AM / 5 years ago

India soybean, soyoil rise as drought hits U.S. crops

MUMBAI, Aug 21 (Reuters) - Indian soybean and soyoil futures rose on Tuesday, tracking a rally in the U.S. market on an estimated drop in grains output and on thin supply of soybeans in local spot markets.

* Chicago new-crop soybean rose to a contract high on Tuesday, gaining for a third consecutive session buoyed by expectations of poor yields after a devastating drought in the U.S. grain belt.

* “The drought in the United States is giving lift to oilseeds prices worldwide. This week, market is likely to stay firm on concerns over the U.S. soybean crop,” said Vandana Bharti, assistant vice president, commodities research at SMC Comtrade.

* Good rainfall in the top soybean producing state, Madhya Pradesh in central India, limited the upside. The western part of Madhya Pradesh got 54 percent more rainfall than normal in the week ended August 15.

* The October soybean contract on India’s National Commodity and Derivatives Exchange rose 1.33 percent to 3,990 rupees per 100 kg by 0739.

* The September soyoil contract was up 0.47 percent at 792.3 rupees per 10 kg, while rapeseed slipped 0.23 percent to 4,391 rupees per 100 kg.

* Indian farmers have cultivated soybean on 10.64 million hectares as on Aug. 16, compared with 10.23 million hectares at the same time a year earlier, farm ministry data showed.

* At the Indore spot market in Madhya Pradesh, soyoil rose 1.4 rupees to 781.5 rupees per 10kg, while soybean rose by 22 rupees to 4,520 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed edged down 25 rupees to 4,306 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)

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