(Reuters) – Indian soyoil futures rose on Monday, following gains in overseas palm oil prices, while soybeans eased on higher supplies as the weather turned dry in producing areas.
Rapeseed futures fell on a likely rise in acreage due to higher rainfall in the top producing Rajasthan state.
“Soybean supplies are gaining pace. The weather is dry and arrivals will rise further in the next few days as farmers need money to celebrate the Diwali festival,” said an Indore based oil miller.
Farmers are accelerating soybean harvesting as the weather has become dry in Maharashtra and Madhya Pradesh, the country’s top two producing states.
At 0809 GMT, the key November soybean contract was down 0.64 percent at 3,509.50 rupees ($57.30) per 100 kg on the National Commodity and Derivatives Exchange.
The key November soyoil contract was up 0.41 percent at 706.30 rupees per 10 kg, while the rapeseed contract for November fell 0.17 percent to 3,618 rupees per 100 kg.
India will celebrate the Hindu festival of Diwali in the first week of November. Demand for edible oil usually rises ahead of the festival.
Edible oil stocks at Indian ports and pipelines were estimated at 1.465 million tonnes as on Oct. 1, the lowest level in nine months, the Solvent Extractors Association had said last week.
At the Indore spot market in Madhya Pradesh, soybeans fell 45 rupees to 3,504 rupees per 100 kg, while soyoil eased 0.20 rupees to 713.30 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged up 8 rupees to 3,715 rupees. ($1 = 61.2450 Indian rupees)
