Indian oilseeds and soyaoil futures eased to their lowest level in a week weighed by weak global leads, and on expectations of higher arrivals of rapeseed in the peak season period. The benchmark Malaysian palm oil contract was down 1.35 percent at 2,346 ringgit per tonne, while US soyabeans were down 0.77 percent at $13.94 per bushel.
“There will be good arrivals of rapeseed till May,” said Chowda Reddy, senior analyst with JRG Wealth Management. India’s rapeseed output is expected to rise about 22 percent on year to 7.15 million tonnes in 2012/13, a trade body said. The key May soyabean contract on India’s National Commodity and Derivatives Exchange was down 0.32 percent at 3,613.50 rupees per 100 kg after hitting a low of 3,592.5 rupees, a level last seen on March 25.
The key May soyaoil contract was 0.39 percent lower at 676.75 rupees per 10 kg, after hitting a low of 674 rupees, a level last seen on March 25, while the rapeseed contract for May rose 0.40 percent to 3,465 rupees per 100 kg, after hitting a low of 3,457 rupees, a level last seen on March 25. Selling is advised in rapeseed at 3,470 rupees, for a target of 3,430 rupees, with a stop loss of 3,490 rupees, said Reddy.