Indian oilseeds, soyoil rise on global cues, weather
Indian oilseeds and soyoil futures edged up on Monday on a weaker rupee, gains in overseas edible oi…Indian oilseeds and soyoil futures edged up on Monday on a weaker rupee, gains in overseas edible oil prices and concerns that a sharp drop in temperature in the northern part of the country could damage rapeseed crop.
* A weaker rupee makes edible oil imports expensive, and raises returns of oilmeal exporters. The rupee was trading weaker on Monday.
* At 0801 GMT, the benchmark March contract on the Bursa Malaysia Derivatives Exchange was up 0.3 percent at 2,640 ringgit a tonne.
* The key January soybean contract was up 0.20 percent at 3,797 rupees ($61.32) per 100 kg on the National Commodity and Derivatives Exchange.
* "The depreciation in the rupee and the firmness in palm oil are supporting the local oilseeds market," said Faiyaz Hudani, associate vice-president, research, at Kotak Commodity Services Ltd.
* "Rapeseed acreage has risen, but the weather has been becoming unfavourable for the crop. The sharp drop in temperature can reduce yields," he said.
* Temperature has fallen below normal level in top rapeseed producing Rajasthan state. Some parts of the state even reported ground frost, the weather department said on Monday.
* Thundershower would occur at isolated places over Punjab, Haryana and north Rajasthan on Tuesday and increase thereafter, the department said. Thundershower can damage the rapeseed crop.
* The January soyoil contract rose 0.47 percent to 696.20 rupees per 10 kg, while the rapeseed contract for January edged up 0.23 percent to 3,537 rupees per 100 kg.
* Indian farmers had cultivated rapeseed on 6.75 million hectares as on Dec. 19, compared with 6.36 million hectares a year earlier.
* At the Indore spot market in Madhya Pradesh state, soybeans edged up 9 rupees to 3,886 rupees per 100 kg, while soyoil rose 1.55 rupees to 697.35 rupees per 10 kg.
