Indian rapeseed sheds 3% on arrivals; soy down

Indian rapeseed futures extended the previous session's losses on Thursday (April 8) on mounting arrivals, while soy dropped on weak meal exports, analysts and traders said.

"This is a peak arrival season for rapeseed. We can see higher arrivals in Rajasthan for all of April," according to traders.

The May rapeseed contract NRSK0 on the National Commodity and Derivatives Exchange ended down 2.81% at Rs499.85 per 20 kg.

Spot rapeseed price fell by Rs7.55 to Rs497.75 per 20 kg in Jaipur market in top producing state of Rajasthan.

The May soy contract NSBK0 ended 1.22% lower at Rs1,976.5 per 100 kg, while the May soyoil NSOK0 finished 0.93% lower at Rs447.4 per 10 kg tracking weakness in Malaysian palm oil.

The palm oil futures fell 1.5% on Thursday as the firm Malaysian ringgit and Greek debt woes weighed on sentiment.

Meanwhile, in Indore spot market in top producer Madhya Pradesh, soy price eased by Rs14 to Rs2,003, and soyoil edged lower by Rs2.55 to Rs445.6.

India's March oilmeal exports slumped 34% from a year earlier, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China, a trade body said.