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India soyoil up on demand, soybean on adverse weatherIndia soyoil up on demand, soybean on adverse weather
MUMBAI | Thu Aug 8, 2013
Aug 8 (Reuters) - Indian soyoil and rapeseed futures edged higher on Thursday on hopes the festival season will boost demand for edible oils, while soybeans rose on forecast of heavy rain in the key growing areas in next two days.
* At 0740 GMT, the key October soybean contract on the National Commodity and Derivatives Exchange was up 0.95 percent at 2,961.50 rupees per 100 kg.
* "Last two week's rainfall has already caused water-logging in some fields. If those areas receive more rainfall, certainly it will cause damage to soybean crop," said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.
* India's top soybean producing Madhya Pradesh state is likely to see heavy rains in the next two days, the weather department said on Thursday.
* Indian farmers have grown soybeans on 11.88 million hectares as of Aug.1, compared with 10.31 million hectares a year earlier, farm ministry data showed.
* India's soymeal exports in July almost halved from a month ago as the availability of cheaper animal feed from other major suppliers curbed demand from Europe and Indonesia, a leading trade body said on Wednesday.
* The key September soyoil contract rose 0.40 percent to 648 rupees per 10 kg, while the rapeseed contract for September jumped 0.56 percent to 3,223 rupees per 100 kg.
* Gains in the overseas oilseeds market due to robust demand for soybeans from China also supported sentiment, Khan said.
* China imported a record 7.20 million tonnes of soybeans in July, up 3.9 percent from June, figures from the General Administration of Customs showed.
* At the Indore spot market in Madhya Pradesh, soyoil was up 0.40 rupee at 672.70 rupees per 10 kg, while soybeans rose 20 rupees to 3,443 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed edged down 7 rupees to 3,410 rupees. (Reporting by Rajendra Jadhav; Editing by Sunil Nair)