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India soyoil drops; rapeseed, chana rise on output concerns |
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Indian soyoil futures extended losses on Tuesday on higher imports of palm oil, while soybeans ended steady as thin supplies offset subdued export demand for soymeal.
Rapeseed futures rose on an expected drop in production.
At 1200 GMT, the key February soyoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.33 percent down at 645 rupees per 10 kg.
Indian palm oil imports rose 5 percent to 836,447 tonnes in December from a month earlier because of tight supplies of local soyoil plus the decision by big producers to allow duty-free exports of palm oil.
The February soybean contract closed 0.06 percent lower at 3,458 rupees per 100 kg, while the April rapeseed contract rose 0.84 percent to 3,498 rupees per 100 kg.
Soybean and soyoil futures are likely to edge higher in the next session.
JEERA:
Indian jeera, or cumin seed, futures fell on profit-taking after jumping 4 percent in the previous session on an estimated drop in production.
The key February jeera contract dropped 0.68 percent to close at 16,720 rupees per 100 kg.
The contract is likely to open up in the next session.
CHICKPEA
Chana, or chickpea, futures extended gains on a sharp drop in area under cultivation.
As on January 16, farmers have cultivated chana on 8.2 million hectares, compared to 9.8 million hectares a year ago.
The February contract closed 0.41 percent higher at 3,424 rupees per 100 kg.
TURMERIC
Turmeric futures fell on profit-taking and start of supplies from the new season crop, though a likely drop in production restricted the downside.
The key April contract closed down 1.78 percent at 8,954 rupees per 100 kg.
SUGAR
Sugar futures edged lower on rising supplies due to the ongoing cane crushing.
The key March contract was quoted 0.11 percent down at 2,738 rupees per 100 kg.
The contract is likely to extend losses in the next session.
GUAR SEED
Guar seed futures rose on thin supplies in spot markets.
The February contract closed 0.73 percent higher at 4,304 rupees per 100 kg.
CORN, WHEAT
The February corn contract was 0.16 percent higher at 1,238 rupees per 100 kg, while the February wheat contract edged up 0.24 percent at 1,659 rupees per 100 kg.
Source : in.reuters.com
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