Indian soyoil, rapeseed drop on strong rupee; soybeans steady

September 6, 2013

MUMBAI, Sept 6 (Reuters) - Indian soyoil and rapeseed futures eased on Friday after the rupee rebounded, while soybean was flat as gains in the world market and healthy overseas demand for soymeal offset new season supplies.

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

* "There is no clarity over U.S. soybean production yet. Bad weather 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 million hectares in India compared with 10.68 million hectares a year earlier, farm ministry data showed last week.

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

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

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

* At the Indore spot market in Madhya Pradesh, soyoil was down 2.80 rupees at 694.95 rupees per 10 kg, while soybeans rose 19 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 of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, an industry official said last week.

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