India rapeseed futures rises on brisk demand, while soy weakens

Indian rapeseed futures rose on Tuesday (Apr 13) afternoon due to improvement in spot demand, while soy weakened on lower meal exports, analysts said.

"Stockists are active in spot market. They think rapeseed prices may firm up second half of 2010," said an analyst at Religare Commodities Ltd.

In Jaipur, Rajasthan, rapeseed price rose to INR491.8 (US$ 11.06) per 20 kilogrammes. At 2:19 p.m., the May rapeseed contract NRSK0 on the National Commodity and Derivatives Exchange was up 0.75% to INR504 (US$ 11.33) per 20 kilogrammes.

The country's rapeseed output in 2010 was expected to rise to 6.3 million tonnes on good weather conditions.

The May soy contract NSBK0 was 0.08% lower at INR1,982 (US$ 44.59) per 100 kg, while the May soyoil NSOK0 was 0.21% down at INR450.3 (US$ 10.13) per 10 kg due to weak Malaysian palm oil.

In Indore, Madhya Pradesh, soy price and soyoil went up to INR1,973 (US$ 44.40) and INR444.3 (US$ 10), respectively.

India's vegetable oil imports fell for the third straight month in March, due to higher stocks following heavy purchases in the first quarter of the current year from November, a leading trade body said on Tuesday (Apr 13).

According to another trade body, the country's March oilmeal exports went down by 34% on 2009, falling for the fifth straight month, due to weak demand from Vietnam, Japan, South Korea, Indonesia, Thailand and China.