Indian soybeans drop; rapeseed rises on cold wave

Reuters

MUMBAI, Jan 1 (Reuters) - Indian soybean futures eased onWednesday, following a similar trend overseas, while rapeseedrose on concerns cold wave in the northern part of the countrycould trim yield per hectare.

* U.S. soybean futures fell to their lowest level in a monthon Tuesday on end-year liquidation and improving prospects for abumper South American crop, traders said.

* At 0837 GMT, the key January soybean contract wasdown 0.59 percent at 3,796.50 rupees ($61.38) per 100 kg on theNational Commodity and Derivatives Exchange (NCDEX).

* "The overnight drop in U.S. soybean futures pulled localmarket lower. The downside is limited as supplies are comingdown in spot markets," Suneel Kumar Gunturi, an analyst at EmkayCommotrade Ltd.

* The January soyoil contract fell 0.23 percent to696.50 rupees per 10 kg, while the rapeseed contract for January rose 0.54 percent to 3,540 rupees per 100 kg.

* "Rapeseed got a boost due to unfavourable weather innorthern India. If weather remains unfavourable, we can seefurther upside to 3,620 rupees in the January contract," Gunturisaid.

* Cold wave conditions are prevailing over some parts ofRajasthan, the top rapeseed producer, the weather departmentsaid on Wednesday.

* Indian farmers had cultivated rapeseed on 6.75 millionhectares as of Dec. 19, compared with 6.36 million hectares ayear earlier.

* At the Indore spot market in Madhya Pradesh state,soybeans fell 10 rupees to 3,878 rupees per 100 kg, while soyoileased 0.05 rupee to 697.40 rupees per 10 kg. At Jaipur inRajasthan, rapeseed rose 7 rupees to 3,650 rupees. ($1 = 61.8550 rupees) (Reporting by Rajendra Jadhav; Editing by Anand Basu)

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