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Indian soyoil futures fall from 3-wk high
January 10, 2013 / 8:35 AM / 5 years ago

Indian soyoil futures fall from 3-wk high

MUMBAI, Jan 10 (Reuters) - Indian soyoil reversed early
gains from the highest level in more than three weeks on
Thursday, in line with overnight leads from overseas markets and
declining demand for soymeal.
    * March soybeans in the U.S. shed 1 cent, or 0.1
percent, to $13.85-1/2 a bushel on Wednesday, pressured by
forecasts of bumper production in South America and expectations
of a slowdown in Chinese imports following the second-largest
monthly purchases on record in December.  
    * The actively traded soyoil for February delivery 
on the National Commodity and Derivatives Exchange (NCDEX) was
0.44 percent lower at 695.45 rupees per 10 kg at 0806 GMT, after
hitting a high of 701.80 rupees, a level last seen on Dec. 18.
    * Soymeal exports by India, Asia's leading supplier of the
commodity, fell in December from a month earlier as the peak
season for soybean crushing ended, a top trade body said.
Soybeans are crushed to produce meal and oil.   
    * Rapeseed for April was 0.99 percent lower at 3,515
rupees per 100 kg. The actively traded soybean contract for
February delivery on the NCDEX was 0.41 percent lower at
3,168 rupees per 100 kg.
    * Selling is advised at 3,200 rupees, for a target of 3,080
rupees, with a stop loss of 3,250 rupees, said an analyst with
Karvy Comtrade.
    * At the Indore spot market in Madhya Pradesh, soyoil was
8.80 rupees higher at 735.00 rupees per 10 kg, while soybeans
were 19 rupees higher at 3,227 rupees per 100 kg. At Sri
Ganganagar in Rajasthan, rapeseed was flat at 4,250.00 rupees.

 (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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