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India. Soybean drops 3% on rains in growing areas
28.07.2010 11:14 "Agro Perspectiva" (Kyiv) —
India soybean futures fell 3 per cent on Monday, extending losses for a third session in a row, on forecast of rains in key soybean growing
states and weakness in the overseas markets, analysts said
Rapeseed also dropped due to rains, while soyoil fell tracking weak Malaysian crude palm oil futures. Rainfall in soybean-growing central India has changed sentiment, said Chowda Reddy, senior analyst with JRG Wealth Management.
The weather office on Monday said Madhya Pradesh, Maharashtra and Rajasthan, key soybean producing states, are likely to receive good rains in the next five days. US soybean futures were trading 0.7 per cent lower at 6:29 p.m.
The August soybean on India’s National Commodity and Derivatives Exchange ended down 3 per cent at 2,010 rupees per 100 kg, after hitting a contract high of 2,109.5 rupees last week on good spot demand.
Oil millers have stepped up their purchases of soybean on a jump in domestic soyoil prices and a rise in soymeal export prices due to a weak rupee, poor rains and firmness in the global market, an industry official said last week.
In the Indore spot market, soybean fell by 49 rupees to 1,990 rupees per 100 kg, while soyoil dropped by 5.10 rupees to 474.15 rupees per 10 kg. The August soyoil contract on NCDEX fell by 1.33 per cent to 476.75 rupees per 10 kg tracking weakness in palm oil.
Malaysian crude palm oil ended 1 per cent lower on Monday, after data showed a drop in palm oil exports in the first three weeks of July, indicating weak overseas demand.
Edible oil demand usually rises in monsoon months, supported by festivals in August and September. August rapeseed dropped 1.11 per cent to 546.8 rupees per 20 kg.
In the Jaipur spot market in Rajasthan, the country’s top rapeseed producing state, the price fell by Rs 3.25 to Rs 537.75 for 20 kg.
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