Palm | Kelapa Sawit

MUMBAI, Oct 1 (Reuters) - Indian soyoil futures continued last week’s losing streak on Monday to hit their lowest in nearly 11 months, hammered by a sharp fall in Malaysian palm oil prices and weak demand in the local spot markets as buyers deferred purchases.

• Soybeans futures fell to a six-month low, tracking a drop in the U.S. market and as supplies from the new crop started coming into local markets. Rapeseed fell on an expected rise in production.

• The rupee INR=D2 rose on Monday. A strong rupee makes edible oil imports cheaper and at the same time trims the returns of oilmeal exporters.

• Malaysian palm oil futures FCPOc3 were down 2.79 percent at 2,475 ringgit per tonne at 0820 GMT, while U.S. soybean SX2 was down 1 percent at $15.85 per bushel.

• "In the edible oil market, things are getting worse from bad. Ideally, demand should rise due to festivals, but the continued fall in prices is prompting stockists to postpone purchases," said an Indore-based soybean processor.

"Demand will remain sluggish until we see prices stabilize at some point," he added.

• Indians will celebrate Dussehra this month and Diwali in November. Demand for edible oils usually rises during these festivals.

• The November soyoil contract NSOc2 on India's National Commodity and Derivatives Exchange was down 3.33 percent at 631.3 rupees per 10 kg, after falling to 627.8 rupees earlier in the session, the lowest for the second month contract since Nov. 12, 2011.

• India's 2012/13 edible oil imports could rise 4.2 percent to a record high, with palm oil cornering the bulk of that, a Reuters poll showed, as the world's second most populous country fails to raise output quickly enough to meet demand from a growing middle class.

 

• The November soybean contract NSBc2 was down 2.89 percent at 3,110 rupees per 100 kg, after falling to 3,099 rupees earlier in the day, while rapeseed NRSX2 fell 2.22 percent to 3,840 rupees per 100 kg.

• Soybeans arrivals have started in the top producing Madhya Pradesh state and are likely to rise significantly this month and peak in November.

• India is likely to produce 11.5 million tonnes of soybeans in 2012/13, compared with 10.5 million tonnes a year earlier, while its rapeseed output in the current year is likely to climb nearly 25 percent to 6.5 million tonnes, industry officials said.

 

• At the Indore spot market in Madhya Pradesh, soyoil plunged 35.9 rupees to 683.95 rupees per 10 kg, while soybeans dropped 167 rupees to 3,111 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed fell 88 rupees to 3,950 rupees.