Indian soyabean futures hit over seven-month low

Indian soyabean futures fell for a fifth straight session on Thursday to hit their lowest in more than seven months on sluggish export demand for soyameal and as rainfall in key growing areas boosted expectations of a bumper crop. Rapeseed and soyaoil futures dropped, tracking losses in Malaysian palm oil.
Malaysian palm oil futures declined in quiet trading, extending losses into a second session after declines in competing markets, potential Russian limits on the use of the tropical oil and concerns over recent export data. The central Indian state of Madhya Pradesh, the country's top producer of soyabeans, has received heavy showers in the past few days.
The key August soyabean futures on the National Commodity and Derivatives Exchange closed 2.2 percent down at 3,286 rupees per 100 kg, after falling to 3,276 rupees, the lowest since December 2014, earlier in the day. The August rapeseed contract ended down 1.2 percent at 4,130 rupees per 100 kg. The key August soyaoil future contract was 0.5 percent lower at 573 rupees per 10 kg at 1228 GMT.
SUGAR Indian sugar futures rose on short-covering, with the key October contract higher 0.9 percent at 2,181 rupees per 100 kg.
CORN, WHEAT The August corn contract fell 0.8 percent to 1,265 rupees per 100 kg on profit-booking, while the August wheat contract slipped 0.07 percent to 1,504 rupees per 100 kg on ample supplies.