| Date: |
25-09-2015 |
| Subject: |
India soybeans jump to over 1-month high on output concerns |
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Indian soybean futures jumped 2 percent on Thursday to their highest level in more than a month on a weaker rupee and concerns over crop damage due to erratic weather in key growing states.
Soyoil and rapeseed also rose on a weaker rupee, which makes edible oil imports costlier and raises returns of oilmeal exporters.
The key October soybean contract on the National Commodity and Derivatives Exchange ended 2.1 percent higher at 3,313 rupees ($50.02) per 100 kg, after rising to 3,343 rupees earlier in the day, the highest level since Aug. 20.
The October rapeseed contract rose 1.7 percent to 4,296 rupees per 100 kg.
India is likely to produce 9 to 9.5 million tonnes of soybeans in 2015, down from an earlier estimate of over 10 million tonnes, due to erratic rainfall in the top two producing states.
At 1201 GMT, the key October soyoil contract was up 1.63 percent at 584.95 rupees per 10 kg.
SUGAR
Indian sugar futures rose on an improvement in demand due to the festival season and on concerns over the next year's production due to scanty rainfall.
Thousands of acres of India's sugar crop are suffering severe damage from a faltering monsoon, with some farmers in the world's second-biggest grower forced to feed withered cane to cattle in the top producing state.
The key October contract was quoted 0.81 percent higher at 2,492 rupees per 100 kg.
India announced new rules on Friday making it compulsory for sugar producers to ramp up exports to at least 4 million tonnes in the forthcoming crushing season, up from 1.3 million tonnes in the current season, to cut stockpiles.
CORN, WHEAT
The October corn contract edged up 0.3 percent to 1,403 rupees per 100 kg, while the October wheat contract closed unchanged at 1,551 rupees per 100 kg.
Source : in.reuters.com
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