NEW DELHI: Indian soyabean futures ended lower for a third consecutive session on Tuesday on expectations of increased arrivals of the summer-sown oilseed after a key Hindu festival on Wednesday and sluggish export demand for meals. India’s oilmeal exports slumped a record 94.3 percent in October from a year earlier and soyameal makes for the bulk of the South Asian nation’s overseas meal shipments. The December soyabean contract on the National Commodity and Derivatives Exchange slipped 0.23 percent to 3,962 rupees per 100 kg.
Rapeseed also closed in the red for the third successive session with markets keenly following the ongoing winter sowing season. The key December rapeseed futures shed 0.20 percent to close at 4,918 rupees per 100 kg. The area under oilseed cultivation in the country is down 37.3 percent from a year earlier, government data released on November 6 showed.
Rapeseed is the most important winter-sown oilseed. “Rapeseed acreage is very much low. That may support prices but may be after some correction,” said Chowda Reddy, assistant vice-president at Inditrade Derivatives and Commodities. The soyaoil contract for December delivery was 0.40 percent lower at 616.50 rupees per 10 kg at 1306 GMT. SUGAR The most active December sugar contract was 0.46 percent higher at 2,625 rupees per 100 kg.
CORN, WHEAT The December corn futures dropped 1.48 percent to 1,526 rupees per 100 kg, while the November wheat contract edged up 0.06 percent to 1,622 rupees per 100 kg.
