Thursday, 16 July 2015 17:52
MUMBAI: Indian oilseeds and soyoil futures rose on Thursday following gains in global prices and on concerns over oilseed production due to a dry spell in the growing regions.
Farmers in India run the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt crops across the country, raising fears of lower yields and surging food prices in a mostly impoverished nation.
The key August soybean futures on the National Commodity and Derivatives Exchange ended 1.4 percent higher at 3,542 rupees per 100 kg, while the August rapeseed contract rose 1.2 percent to 4,270 rupees per 100 kg.
At 1208 GMT, the key August soyoil contract was up 0.63 percent at 580 rupees per 10 kg.
SUGAR
Indian sugar futures rose on concerns over output due to poor rainfall in key producer Maharashtra state and an improvement in exports demand.
A surge in Indian white crystal sugar sales from huge domestic stocks could drive down the premium for refined white sugar over raw sugar and squeeze refiners’ margins. The key October contract was quoted 0.36 percent higher at 2,225 rupees per 100 kg.
CORN, WHEAT
The August corn contract was up 0.24 percent at 1,254 rupees per 100 kg, while the August wheat contract closed 0.07 percent higher at 1,520 rupees per 100 kg.
