Indian oilseeds, soyaoil rise on festive demand

Indian oilseeds and soyaoil futures rose on Wednesday on good demand for edible oils in spot markets due to upcoming festivals and as gains in overseas markets buoyed sentiment. In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when edible oil demand goes up.
Malaysian palm oil futures rose more than 1 percent, supported by better-than-expected export data and as traders cited an oversold market. At 12:01 GMT, the key September soyaoil contract on the National Commodity & Derivatives Exchange was up 0.68 percent at 607 rupees per 10 kg.
The key October soyabean contract closed 0.77 percent higher at 3,256 rupees per 100 kg, while the September rapeseed contract finished up 1.3 percent at 3,583 rupees per 100 kg. Oilseeds and soyaoil futures are likely to open higher on Thursday.
CHICKPEA Chana, or chickpea, futures rose on bargain-buying, driven by concerns that production of summer-sown pulses could drop due to erratic rainfall. The September contract closed 0.53 percent higher at 2,827 rupees per 100 kg.
GUAR SEED Indian guar seed futures jumped on bargain-buying and an improvement in export demand for guar gum. The October contract ended 1.65 percent higher at 5,665 rupees per 100 kg.
TURMERIC Turmeric futures edged up on thin supplies, though good rainfall in key growing areas capped the upside. The key September contract closed 0.77 percent higher at 6,532 rupees per 100 kg.
SUGAR Sugar futures eased on ample supplies and lower-than expected demand from festivals. The key September contract was down 0.46 percent at 3,005 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures edged higher on an improvement in demand, though good rainfall in the top producing Gujarat state capped the rise. The key September contract ended up 0.28 percent at 10,935 rupees per 100 kg.
CORN, WHEAT The September corn contract fell 1.58 percent to 1,118 rupees per 100 kg, following losses in the world market. September wheat edged up 0.26 percent to 1,564 rupees per 100 kg.