Indian soybeans, soyoil drop on better weather; rapeseed up
MUMBAI, Sept 2 (Reuters) - Indian soybean and soyoil futures fell on Monday on weak demand in spot markets and as the weather improved in the key oilseed-growing central and western states of the country.
* Rapeseed futures edged higher on thin supplies in spot markets.
* "There were concerns over production due to excessive rainfall. Now the weather is becoming dry in Madhya Pradesh and Maharashtra, which is good for the crop," said a Mumbai-based dealer.
* Rainfall is likely at isolated places in Madhya Pradesh and Maharashtra, the top two soybean producing states, in the next three days, the weather department said on Monday.
* At 0756 GMT, the key October soybean contract was down 1.33 percent at 3,424 rupees per 100 kg on the National Commodity and Derivatives Exchange.
* India has sold 350,000 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.
* Malaysian palm oil futures inched up on Monday on expectations that healthy exports will persist into September, fuelling hopes that end-stocks in the world's No.2 producer will not spike for now.
* The key September soyoil contract was down 0.65 percent at 698.60 rupees per 10 kg, while the rapeseed contract for September rose 0.88 percent to 3,563 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil was down 2.80 rupees at 702.70 rupees per 10 kg, while soybeans dropped by 99 rupees to 3,549 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed nudged up by a rupee to 3,678 rupees.
* As of Aug. 29, soybean cultivation took up 12.18 million hectares in India compared with 10.68 million hectares a year earlier, farm ministry data showed last week. (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)
