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Indian soy futures show mixed trend; rapeseed down

Source : REUTERS
Last Updated: Mon, Mar 25, 2013 10:00 hrs

NEW DELHI, March 25 (Reuters) - Indian soy futures displayed a mixed trading pattern on Monday in the absence of any major trigger, while rapeseed futures reflected the weak sentiment of the spot market due to the harvest season.

* Soybean futures opened lower, but recovered losses with the return of buying interest as rising overseas sales of soymeal lifted demand for the beans from oil millers.

* Rapeseed futures fell as the harvest season for the oilseed crop is currently on.

* "Oilseed complex displayed volatility as the market lacked any definite direction," said Prasoon Mathur, a senior analyst with Delhi-based brokerage Religare Commodities.

* Weakness in the overseas markets also held back buyers from turning aggressive, he added.

* At 0930 GMT, the benchmark Malaysian palm oil contract was down 1.0 percent at 2,469 ringgit ($790)per tonne, while U.S. soybeans were down 0.5 percent at $14.33 per bushel.

* India, the world's top importer of vegetable oils, meets more than half of its edible oil demand through imports, largely palm oil.

* "Profit booking is due in the soy complex as a lot of buying took place recently on improved export prospects for soymeal," said a dealer based in Indore, in the central state of Madhya Pradesh.

* India exported 581,606 tonnes of soymeal in February, compared with 344,240 tonnes a year earlier, an industry body said last week.

* The key April soybean contract on India's National Commodity and Derivatives Exchange was up 0.4 percent at 3,652 rupees per 100 kg.

* The key April soyoil contract was 0.3 percent lower at 686 rupees per 10 kg, while the rapeseed contract for April was down 0.9 percent to 3,431 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil was almost flat at 690 rupees per 10 kg, while soybeans rose 11 rupees to 3,690 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed dropped 79 rupees to 3,425 rupees.

* India's rapeseed output rose about 22 percent on year to 7.15 million tonnes in 2012-13, a trade body said. [$1 = 3.1125 Malaysian ringgits] (Reporting by Ratnajyoti Dutta; Editing by Anupama Dwivedi)




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