Indian oilseeds, soyoil drop on global cues, strong rupee
MUMBAI, Oct 1 (Reuters) - Indian oilseed and soyoil futures fell on Tuesday on a sharp drop in overseas prices, a strong rupee and expectations of an increase in supplies from the new season soybean crop next week onwards.
* Chicago soybeans slid to a six-week low on Tuesday, after a U.S. report showed higher-than-expected stocks as harvest of near-record crops gathers pace. Palm oil futures fell, following losses in soybean.
* "Today, the market is more influenced by overseas developments than local fundamentals," said Faiyaz Hudani, a senior research analyst at Kotak Commodity Services Ltd.
"The recovery in the rupee is also weighing on sentiment. In the next few days, supplies of soybeans in local spot markets will remain a crucial factor. If the weather becomes dry in Madhya Pradesh, we could see higher supplies."
* At 0743 GMT, the key November soybean contract was down 1.27 percent at 3,512 rupees ($56.37) per 100 kg on the National Commodity and Derivatives Exchange.
* A strong rupee makes edible oil imports cheaper, but trims the returns of oilmeal exporters. The rupee rose on Tuesday.
* India could export as much as 5 million tonnes of soymeal in the year from Oct. 1, 2013, a rise of about 25 percent on the previous year, as Asia's top exporter of the animal feed finds strong demand from Iran and Thailand.
* The key November soyoil contract was 0.64 percent lower at 676.70 rupees per 10 kg, while the rapeseed contract for November fell 0.71 percent to 3,615 rupees per 100 kg.
* India will celebrate festivals such as Dussehra and Diwali in the next few weeks, when typically edible oil consumption rises.
* At the Indore spot market in Madhya Pradesh, soybeans fell 18 rupees to 3,493 rupees per 100 kg, while soyoil rose 0.55 rupee to 683.40 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged down 13 rupees to 3,639 rupees. ($1 = 62.3 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)
