Indian soyabean futures drop on weak soyameal exports

Indian soyabean futures ended weak on Friday on sluggish oil meal exports while soyaoil futures were higher tracking firm cues from Malaysian palm oil futures. India's oilmeal exports could drop 40 percent in the financial year that ends in March due to lower demand for soyameal as key buyers like Iran and Japan switch to cheaper supplies from South America, a senior trade official said on Friday.
The February soyabean contract closed 0.43 percent lower at 3,453 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), while the April rapeseed contract fell 0.81 percent to 3,308 rupees per 100 kg. At 1238 GMT, the key April soyaoil contract was 0.19 percent up at 598 rupees per 10 kg.
SUGAR Sugar futures edged up on some local demand and hopes the government will give subsidy for exports though ample supplies in the domestic market weighed on sentiment. The key March contract edged up 0.04 percent at 2,678 rupees per 100 kg.
India is likely to produce 26 million tonnes of sugar in the current season ending on September 30, as much as 4 percent higher than an earlier estimate. India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.
JEERA Indian jeera, or cumin seed, futures ended higher on worries about lower production and on a delay in local supplies. Jeera futures are likely to open higher in the nest trading session. The key February jeera contract rose 1.20 percent to 14,320 rupees per 100 kg.
TURMERIC Turmeric futures rose on a pick-up in local demand though new season supply restricted the upside. The key April contract closed up 0.55 percent at 7,994 rupees per 100 kg. Turmeric futures may open steady on Monday on local demand but new season arrivals could weigh on sentiment.
GUAR SEED Guar seed futures rose on slack supply amid good demand from the food ministry. The February contract closed 0.34 percent higher at 4,083 rupees per 100 kg.
CHICKPEAS Chana, or chickpea, futures edged down on sluggish demand though lower area under cultivation limited the downside. The February contract closed 0.03 percent lower at 3,436 rupees per 100 kg.
CORN, WHEAT The February corn contract was down 0.25 percent at 1,182 rupees per 100 kg, while the February wheat contract inched up 0.06 percent to 1,671 rupees per 100 kg.