Indian soyaoil and soyabean futures rose on Monday because of thin supplies and concerns that a below par monsoon may hit the oilseed crop, shrugging off gains in the overseas market. Malaysian palm oil futures slipped for a second day on Monday in light volume to their lowest level in more than a week as competing vegetable oil markets fell and as the ringgit strengthened, traders said.
The key June soyaoil contract on the National Commodity and Derivatives Exchange was up 0.25 percent at 604 rupees per 10 kg at 1252 GMT. The June soyabean futures ended at 4,143 rupees per 100 kg, up 0.97 percent, while the June rapeseed contract jumped 0.10 percent to 4,093 rupees per 100 kg.
Indian sugar futures were unchanged after top producing Maharashtra state agreed a subsidy of 1,000 rupees ($15.6) a tonne for raw sugar exports. The key July contract was unchanged at 2,408 rupees per 100 kg. Between October 1 and May 15, mills have produced 27.8 million tonnes of sugar, 3.8 million tonnes more than the previous year, said the Indian Sugar Mills Association (ISMA), a producers' body.
Domestic sugar stocks are expected to touch 10.3 million tonnes on October 1, when the next current 2015/16 season starts, the highest in past six years, the ISMA said. Since October 1, 2014, when the current season began, mills have exported 460,000 tonnes and expect to export another 200,000-300,000 tonnes before September 31. The June corn contract was up 0.42 percent at 1,189 rupees per 100 kg, while the June wheat contract closed up 0.40 percent at 1,505 rupees per 100 kg on bargain buying.
Comments
Comments are closed.