Indian sugar, soybean seen higher

February 27th, 2014


Category: Grains, Oilseeds, Sugar

(Reuters) – Indian sugar futures fell on Wednesday following losses in overseas prices, though they are likely to edge higher on Friday on an improvement in demand and a likely drop in domestic sugar production.

Indian commodity exchanges will be closed on Thursday for a local holiday.

The key April contract on the National Commodity and Derivatives Exchange ended down 0.21 percent at 2,833 rupees per 100 kg.


Soyoil and oilseeds futures jumped, tracking gains in Malaysian palm oil and are likely to extend gains on Friday on dwindling soybean supplies in local spot markets.

The March soyoil contract ended up 1.82 percent at 717.45 rupees per 10 kg, while the March soybean contract jumped 2.82 percent to 4,186 rupees per 100 kg.

The rapeseed contract for April rose 1.59 percent to close at 3,460 rupees per 100 kg.


Turmeric futures fell on profit-taking driven by rising supplies, but are likely to rise in the next session on good demand from exporters.

The key April contract ended down 0.29 percent at 6,980 rupees per 100 kg.


Guar seed futures are likely edge higher on falling supplies and hopes that export demand for guar gum will improve in the coming weeks.

The March guar seed contract ended unchanged at 4,720 rupees per 100 kg.


Cumin seeds, or jeera, rose on healthy demand in spot markets and are likely to extend the gains in the next session.

The March contract rose 0.79 percent to close at 11,542.5 rupees per 100 kg.


Chana could ease on profit-taking driven by estimate of a record production, though rising supplies from the new season crop are seen capping the upside.

The April chana contract ended 3.21 percent higher at 3,118 rupees per 100 kg.

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