Indian oilseeds, soyoil drop on global cues, weak demand

Reuters

MUMBAI, Aug 30 (Reuters) - Indian oilseeds and soyoilfutures extended losses on Friday on weak demand in local spotmarkets and as edible oil prices fell overseas on profit-taking.

* Malaysian palm oil futures edged lower on Friday, asinvestors took profits from a recent rally fuelled by fears ofdry weather in the soy-producing U.S. Midwest.

* "Weather concerns due to heavy rainfall and quickdepreciation of the rupee lifted prices in the last fewsessions. Now, the rupee is appreciating and weather concernshave also eased," said Subhranil Dey, an analyst with SMCComtrade.

* A strong rupee makes edible oil imports cheaper, but trimsreturns for oilmeal exporters.

* At 0753 GMT, the key October soybean contract wasdown 2.47 percent at 3,480.50 rupees per 100 kg on the NationalCommodity and Derivatives Exchange.

* Soybean yields are likely to drop due to heavy rainfall inIndia's top producing state of Madhya Pradesh, an industryofficial said on Monday.

* India has sold 350,000 to 400,000 tonnes of new-cropsoymeal for shipment between October and December on prospectsof higher soybean production and a weak rupee, the officialsaid.

* The key September soyoil contract was down 0.94percent at 709.30 rupees per 10 kg, while the rapeseed contractfor September fell 1.14 percent to 3,470 rupees per 100kg.

* At the Indore spot market in Madhya Pradesh, soyoil wasdown 7.85 rupees at 710.20 rupees per 10 kg, while soybeans weredown 118 rupees at 3,739 rupees per 100 kg. At Jaipur inRajasthan, rapeseed fell 43 rupees to 3,650 rupees.

* As of Aug. 22, soybean cultivation took up 12.18 millionhectares in India compared with 10.64 million hectares a yearearlier, farm ministry data showed last week. (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)

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