India oilseeds, soyoil steady; strong rupee weighs

Reuters

MUMBAI, Sept 26 (Reuters) - Indian oilseeds and soyoilfutures were steady on Thursday as a likely rise in demand foredible oils due to festivals offset a strong rupee and the dropin the overseas prices.

* Malaysian palm oil futures fell for a third straightsession on Thursday to their lowest in a month-and-a-half, asconcerns over surging Southeast Asian supply of the tropical oilkept investors on edge.

* U.S. soybeans fell for the first time in three sessions astraders banked profits.

* At 0806 GMT, the key October soybeans contract was0.19 percent down at 3,451 rupees ($55.34) per 100 kg on theNational Commodity and Derivatives Exchange.

* "The recovery in the rupee is weighing on sentiment.Market is also expecting a rise in soybean supplies from nextweek. Weather is largely dry in central India," said FaiyazHudani, a senior research analyst at Kotak Commodity ServicesLtd.

* A strong rupee makes edible oil imports cheaper, but atthe same time trims returns of oilmeal exporters.

* India could export as much as 5 million tonnes of soymealin the year from Oct. 1, 2013, a rise of about 25 percent on theprevious year, as Asia's top exporter of the animal feed findsstrong demand from Iran and Thailand.

* The key October soyoil contract was 0.18 percentdown at 666.50 rupees per 10 kg, while the rapeseed contract forOctober edged up 0.03 percent to 3,561 rupees per 100kg.

* India will celebrate a few key festivals like Dussehra andDiwali in the next two months, when typically edible oilconsumption rises.

* At the Indore spot market in Madhya Pradesh, soybeans rose13 rupees to 3,486 rupees per 100 kg, while soyoil edged up 0.75rupee to 672.70 rupees per 10 kg. At Jaipur in Rajasthan,rapeseed rose 30 rupees to 3,650 rupees.

($1 = 62.3550 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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