April 29, 2010
Indian rapeseed futures continue to drop since Wednesday (Apr 28) as oilseeds futures fall in overseas markets, analysts said.
Soy erased early losses to end steady as hopes of an improvement in meal exports outweighed poor spot demand.
Soyoil also ended flat as weakness in Malaysian palm oil outweighed hopes of higher demand due to ongoing wedding season, they said.
"In Rajasthan, arrival pressure is pulling down spot prices of rapeseed. For next few weeks arrivals will remain on higher side," said Badruddin Khan, senior research analyst of Angel Commodities Broking Pvt Ltd.
US soy futures fell more than 1% after a rating agency downgraded Greek and Portuguese debt and sparked a rally in the US dollar, according to traders.
The May rapeseed contract NRSK0 on the National Commodity and Derivatives Exchange ended down 0.6% to INR499.4 per 20 kilogrammes.
In the Jaipur spot market in top producing Rajasthan state, the price fell by INR4.5 to INR490.65 per 20 kilogrammes.
The May soy contract NSBK0 finished 0.09% down at INR2,016.5 per 100 kilogrammes, while May soyoil contract NSOK0 closed 0.04% lower at INR2,016.5 per 10 kilogrammes.
In the Indore spot market in top producer Madhya Pradesh, soy price fell INR22 at INR1,978, and soyoil edged lower by INR1.75 to INR449.95.
Malaysia palm oil futures extended losses for a second session on Wednesday as risk appetite for commodities weakened after a rating agency downgraded Greek and Portuguese debt.
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.