Indian oilseeds, soyaoil jump as government raises import duty

Indian oilseeds and soyaoil futures jumped on Friday after the government raised import duties on crude and refined edible oils, and on an expected drop in rapeseed production. India has raised the import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports.
Indian rapeseed futures rose to their highest in 26 months, while soyabeans hit their four-month high. Soyaoil rose to its highest in more than three months. A rise in Malaysian palm oil also underpinned sentiment. Palm oil futures hit their highest in over a month as fears of floods disrupting supplies in the world's second-largest producer outweighed earlier losses.
The key January rapeseed contract on the National Commodity and Derivatives Exchange ended up 1.64 percent at 4,327 rupees per 100 kg, after rising to 4,335 rupees earlier in the day, the highest since October 29, 2012. The January soyabean contract rose 1.3 percent to 3,402 rupees per 100 kg, after rising to 3,457 rupees earlier in the day, the highest since August 22. At 1211 GMT, the key January soyaoil contract was up 3.68 percent at 633.40 rupees per 10 kg, after rising to 634.5 rupees, the highest since September 19. Oilseeds and soyaoil futures could ease in the next session on profit-taking.
SUGAR Indian sugar futures rose due to a weaker rupee and on expectation that the government will give incentives for export of raw sugar. The key March contract was quoted 0.26 percent higher at 2,693 rupees per 100 kg. Sugar futures could extend gains on Monday.
TURMERIC Turmeric futures surged by the daily maximum limit to their highest in more than 3-1/2 years on an improvement in demand and as supplies fell. The key April contract closed 4 percent higher at 8,932 rupees per 100 kg, the highest level since May 13, 2011.
GUAR SEED Indian guar seed futures extended gains on falling supplies in spot markets. The January contract ended 3.8 percent higher at 4,790 rupees per 100 kg.
CHICKPEA Indian chana, or chickpea, futures ended higher on thin supplies and a weaker rupee that made imports expensive. The January contract ended up 3.2 percent at 3,478 rupees per 100 kg.
CUMIN SEED Jeera, or cumin seed, futures jumped to their highest in two years on good demand and concerns about production. The key January contract ended 3.7 percent higher at 15,080 rupees per 100 kg, after rising to 15,115 rupees earlier in the day.
CORN, WHEAT The January corn contract was up 1.71 percent at 1,252 rupees per 100 kg, while January wheat rose 1 percent to 1,715 rupees per 100 kg.