India soybeans, soyoil steady; rapeseed drops

Reuters

MUMBAI, Oct 18 (Reuters) - Indian soybean and soyoil futureswere treading water on Friday as profit-taking driven by alikely rise in soybean supplies offset healthy demand for edibleoils due to festivals.

* Rapeseed futures fell on weak demand and a likely rise inthe acreage.

* Soybean harvesting in key growing areas was disruptedearlier this month due to heavy rainfalls. The weather hasbecome dry now and supplies are likely to rise from next week,dealers said.

* "Edible oil stocks have fallen and demand is good due tofestivals. It will support soyoil in the short term," saidSubhranil Dey, an analyst with SMC Comtrade.

* Edible oil stocks at Indian ports and pipelines wereestimated at 1.465 million tonnes as on Oct. 1, the lowest levelin nine months, the Solvent Extractors Association had saidearlier this week.

* India will celebrate the Hindu festival of Diwali in thefirst week of November. Edible oil demand usually rises ahead ofthe festival.

* At 0815 GMT, the key November soybean contract wasup 0.13 percent at 3,590 rupees ($58.58) per 100 kg on theNational Commodity and Derivatives Exchange.

* The key November soyoil contract was down 0.18percent at 708.10 rupees per 10 kg after rising to 711 rupeesearlier in the day, the highest level since Aug. 28.

* The rapeseed contract for November fell 0.49percent to 3,661 rupees per 100 kg.

* India's palm oil imports surged 20.6 percent in Septemberfrom a month ago, rising for the first time in four months, as arecovery in the rupee encouraged refiners to buy more for thepeak festival season.

* In the physical market, soyoil eased 5.25 rupees to 729.75rupees per 10 kg in Mumbai, while at Jaipur in Rajasthan,rapeseed edged down 11 rupees to 3,713 rupees. ($1 = 61.2850 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

Rates

View Comments (1)