India's rapeseed futures rise on lower output; soy steady

Indian rapeseed futures edged higher on Monday (April 5) afternoon on a likely drop in output and good spot demand, but soy was treading water due to a drop in meal exports, analysts said.

At 2:37 p.m., the May rapeseed contract NRSK0 on the National Commodity and Derivatives Exchange was up 0.74% at Rs519.8 per 20 kg.

An industry body in early March said the country's rapeseed output in 2010 is expected to rise marginally to 6.3 million tonnes on good weather conditions. But traders now think output may be lower than the estimate considering the arrivals in spot market.

Meanwhile, US soy futures were trading 0.24% higher, while Malaysia palm oil futures KPOc3 on the Bursa Malaysia Derivatives Exchange were trading down 0.51% at MYR2,546 per tonne.

The May soy contract NSBK0 was up 0.02% at Rs2,003.5 per 100 kg, while the April soyoil NSOJ0 rose 0.1% at Rs451.15 per 10 kg.

India's February oilmeal exports slumped 26% from a year earlier, falling for the fourth straight month on weak demand from Vietnam, China, Indonesia and Japan, a trade body said.