Indian soyaoil futures fall on profit-taking

Indian soyaoil futures fell on Friday due to profit-taking driven by losses in Malaysian palm oil, while soyabeans edged higher on thin supplies and gains in the US market. Rapeseed eased due to rising supplies from the new season crop. At 0825 GMT, the benchmark Malaysian palm oil contract was down 0.57 percent at 2,248 ringgit per tonne, while US soyabeans were up 0.26 percent at $13.75-3/4 per bushel. 

India’s soyameal exports could have fallen to 200,000 tonnes in April, down 36 percent from a year earlier, an industry official said. The key June soyaoil contract on India’s National Commodity and Derivatives Exchange was down 0.10 percent at 684.50 rupees per 10 kg. The key June soyabean contract rose 0.68 percent to 3,823 rupees per 100 kg, while the rapeseed contract for June edged down 0.40 percent to 3,458 rupees per 100 kg. 

Rapeseed output is estimated to have risen about 22 percent on year to 7.15 million tonnes in 2012-13, a trade body said. At the Indore spot market in Madhya Pradesh, soyaoil edged up 0.45 rupees to 735.45 rupees per 10 kg, while soyabeans edged up 17 rupees to 3,988 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed fell 7 rupees to 3,393 rupees. 

Copyright Reuters, 2013

Muhammad Ramzan Rafique
Muhammad Ramzan Rafique

I am from a small town Chichawatni, Sahiwal, Punjab , Pakistan, studied from University of Agriculture Faisalabad, on my mission to explore world I am in Denmark these days..

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