Indian soyoil, rapeseed drop on strong rupee; soybeans steady

Reuters

MUMBAI, Sept 6 (Reuters) - Indian soyoil and rapeseedfutures eased on Friday after the rupee rebounded, while soybeanwas flat as gains in the world market and healthy overseasdemand for soymeal offset new season supplies.

* At 0806 GMT, the U.S. November soybeans contract wasup 0.22 percent at $13.70-1/2 a bushel, adding to a 1.1 percentgain in the previous session.

* "There is no clarity over U.S. soybean production yet. Badweather for the crop there will help Indian meal exporters,"said Vibhu Ratandhara, associate vice-president, research,Bonanza Commodity.

* As of Aug. 29, soybean was cultivated in 12.18 millionhectares in India compared with 10.68 million hectares a yearearlier, farm ministry data showed last week.

* The key October soybean contract was up 0.03percent at 3,536 rupees per 100 kg on the National Commodity andDerivatives Exchange.

* The key October soyoil contract fell 0.53 percentto 678.15 rupees per 10 kg, while the rapeseed contract forOctober dropped 0.72 percent to 3,602 rupees per 100 kg.

* A strong rupee makes edible oil imports cheaper, but trimsreturns of oilmeal exporters. The rupee rose on Friday.

* At the Indore spot market in Madhya Pradesh, soyoil wasdown 2.80 rupees at 694.95 rupees per 10 kg, while soybeans rose19 rupees to 3,587 rupees per 100 kg. At Jaipur in Rajasthan,rapeseed eased 6 rupees to 3,685 rupees.

* India has sold 350,000 tonnes to 400,000 tonnes ofnew-crop soymeal for shipment between October and December onprospects of higher soybean production and a weak rupee, anindustry official said last week.

* India's soymeal exports in August rose about threequarters from a month earlier as a weak rupee made shipmentsmore competitive and demand from Europe picked up. (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)

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