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Last update: Tue, 09 Feb 2016 10pm

Indian soyabeans hit 8-month low

Indian soyabean futures fell nearly 2 percent on Friday to their lowest level in eight months on an expansion in area under the oilseed and sluggish exports demand for soyameal. Soyaoil and rapeseed futures rose on a weak rupee and slight improvement in demand. A weak rupee makes edible oil imports expensive. The rupee fell on Friday.

The key August soyabean futures contract on the National Commodity and Derivatives Exchange ended lower 1.6 percent at 3,239 rupees per 100 kg, after falling to 3,222 rupees earlier in the day, the lowest since December 4, 2014. India's oilmeal exports in June dropped 34 percent from a year ago to 137,571 tonnes as south Asian countries trimmed purchases of expensive Indian rapeseed meal and soyameal.

The August rapeseed contract rose 0.55 percent to 4,197 rupees per 100 kg. At 1206 GMT, the key August soyaoil contract was up 0.47 percent at 578.50 rupees per 10 kg.

SUGAR Indian sugar futures edged higher on a weak rupee, an improvement in exports and concerns that poor rainfall in top producing Maharashtra state could hit output in the next season. The key cane-growing region of Maharashtra has received 25 percent less rainfall than normal since the start of the monsoon season.

The key October contract was quoted 1.3 percent higher at 2,268 rupees per 100 kg.

CORN, WHEAT The August corn contract eased 0.6 percent to 1,254 rupees per 100 kg, while the August wheat contract closed 0.5 percent down at 1,515 rupees per 100 kg.

Copyright Reuters, 2015