Indian oilseeds, soyoil drop on global cues, weak demand
MUMBAI, Aug 30 (Reuters) - Indian oilseeds and soyoil futures extended losses on Friday on weak demand in local spot markets and as edible oil prices fell overseas on profit-taking.
* Malaysian palm oil futures edged lower on Friday, as investors took profits from a recent rally fuelled by fears of dry weather in the soy-producing U.S. Midwest.
* "Weather concerns due to heavy rainfall and quick depreciation of the rupee lifted prices in the last few sessions. Now, the rupee is appreciating and weather concerns have also eased," said Subhranil Dey, an analyst with SMC Comtrade.
* A strong rupee makes edible oil imports cheaper, but trims returns for oilmeal exporters.
* At 0753 GMT, the key October soybean contract was down 2.47 percent at 3,480.50 rupees per 100 kg on the National Commodity and Derivatives Exchange.
* Soybean yields are likely to drop due to heavy rainfall in India's top producing state of Madhya Pradesh, an industry official said on Monday.
* India has sold 350,000 to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, the official said.
* The key September soyoil contract was down 0.94 percent at 709.30 rupees per 10 kg, while the rapeseed contract for September fell 1.14 percent to 3,470 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil was down 7.85 rupees at 710.20 rupees per 10 kg, while soybeans were down 118 rupees at 3,739 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed fell 43 rupees to 3,650 rupees.
* As of Aug. 22, soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier, farm ministry data showed last week. (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)
