India soyoil hits 9-month high on global cues, demand

Reuters

MUMBAI, Oct 30 (Reuters) - Indian soyoil futures jumped onWednesday to hit their highest level in nearly nine months,bolstered by gains in overseas edible oil prices and good demandin local spot markets due to a festival.

* Soybean futures hit four-month high, while rapeseedfutures climbed to their highest in more than nine months,supported by robust demand amid limited supplies.

* Malaysian palm oil futures rose to their highest level ineight months on Wednesday, supported by technical trading andexpectations that wet weather may hit production in dominantSoutheast Asian producers in the coming months.

* At 0821 GMT, the rapeseed contract for November onthe National Commodity and Derivatives Exchange was up 1.28percent at 3,809 rupees ($62.05) per 100 kg. It jumped to 3,821rupees earlier in the day, the highest since Jan. 18.

* Rapeseed oil consumption usually rises in India during thewinter season.

* "Local and overseas fundamentals are driving the markethigher," said Faiyaz Hudani, a senior research analyst at KotakCommodity Services Ltd.

* "Oil mills have already made soymeal exports deals andscrambling to secure soybean supplies. Spot markets are notgetting enough supplies of good quality soybeans."

* Soybean supplies have risen in spot markets but are lowerthan usual as rainfall in the last few weeks disruptedharvesting, dealers said.

* The key November soyoil contract was up 1.71percent at 741.80 rupees per 10 kg. It rose to 745 rupeesearlier, the highest level since Feb. 4.

* The key November soybean contract rose 1.67percent to 3,864.50 rupees per 100 kg, after rising to 3,895rupees earlier, the highest level since June 21.

* India's soybean production in 2013/14 is likely to drop by4.4 percent from the previous year to 10.23 million tonnes afterheavy rains in growing areas during the harvest season damagedthe crop.

* At the Indore spot market in Madhya Pradesh, soybeans wereup 60 rupees at 3,788 rupees per 100 kg, while soyoil rose by9.70 rupees to 737.45 rupees per 10 kg. At Jaipur in Rajasthan,rapeseed edged up 20 rupees to 3,825 rupees. ($1 = 61.3900 rupees) (Reporting by Rajendra Jadhav; Editing by Anand Basu)

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