Indian rapeseed futures surged to a record high while soyabean and soyaoil futures gained on Thursday, as expectations of weak soyabean production pushed domestic oil futures prices higher. Malaysian palm oil futures gained 1.56 percent on Thursday, rising for seven out of eight sessions with prices underpinned by expectations of lower production in October and forecasts of higher purchases by top consumer India.
The key October soyabean futures on the National Commodity and Derivatives Exchange closed 2.94 percent up at 3,540 rupees per 100 kg after rising to their highest level since July 15, while the October rapeseed contract jumped 2.97 percent to 4,549 rupees per 100 kg after hitting a record high of 4,562 rupees. India's vegetable oil imports will rise 19 percent to 14 million tonnes this marketing year ending October 30, after weak monsoon rains late last year hit output off rapeseed and other oilseeds At 1228 GMT, the key October soyaoil contract gained 1.27 percent to 605.65 rupees per 10 kg.
SUGAR Indian October sugar contract rose 1.08 percent to 2,517 rupees per 100 kg on forecasts of lower production due to poor rains. India's sugar output is likely to fall 5 percent to 27 million tonnes in the upcoming 2015/16 crop season due to poor monsoon rains in states such as Maharashtra. Due to lower production, "in the short term you can expect further upside," said Chowda Reddy, assistant vice-president at Inditrade.
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