Indian soybeans, soyoil drop on better weather; rapeseed up

Reuters

MUMBAI, Sept 2 (Reuters) - Indian soybean and soyoil futuresfell on Monday on weak demand in spot markets and as the weatherimproved in the key oilseed-growing central and western statesof the country.

* Rapeseed futures edged higher on thin supplies in spotmarkets.

* "There were concerns over production due to excessiverainfall. Now the weather is becoming dry in Madhya Pradesh andMaharashtra, which is good for the crop," said a Mumbai-baseddealer.

* Rainfall is likely at isolated places in Madhya Pradeshand Maharashtra, the top two soybean producing states, in thenext three days, the weather department said on Monday.

* At 0756 GMT, the key October soybean contract wasdown 1.33 percent at 3,424 rupees per 100 kg on the NationalCommodity and Derivatives Exchange.

* 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, an industryofficial said last week.

* Malaysian palm oil futures inched up on Monday onexpectations that healthy exports will persist into September,fuelling hopes that end-stocks in the world's No.2 producer willnot spike for now.

* The key September soyoil contract was down 0.65percent at 698.60 rupees per 10 kg, while the rapeseed contractfor September rose 0.88 percent to 3,563 rupees per 100kg.

* At the Indore spot market in Madhya Pradesh, soyoil wasdown 2.80 rupees at 702.70 rupees per 10 kg, while soybeansdropped by 99 rupees to 3,549 rupees per 100 kg. At Jaipur inRajasthan, rapeseed nudged up by a rupee to 3,678 rupees.

* As of Aug. 29, soybean cultivation took up 12.18 millionhectares in India compared with 10.68 million hectares a yearearlier, farm ministry data showed last week. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)

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