MUMBAI, Feb 21 (Reuters) - Indian
soyoil futures fell nearly 1 percent on Thursday following losses in Malaysian
palm oil, though a weak rupee limited the downside.
- Soybeans edged higher on thin supplies, while rapeseed was steady as an estimated rise in output weighed.
- A weak rupee makes edible oil imports expensive but raises returns of oilmeal exporters
- As of 0851 GMT, Malaysian palm oil futures were down 1.17 percent at 2,535 ringgit per tonne, while U.S. soybeans eased 0.24 percent to $14.79-1/4 per bushel. US soybeans had gained 0.9 percent in the previous session.
- "Overseas markets are influencing price movements in local markets. The record high imports of edible oils in January has raised supplies," said Chowda Reddy, a senior analyst with JRG Wealth Management.
- India's vegetable oil imports soared 27.4 percent from a month earlier to hit an all-time high in January on record purchases of cheap palm oil from southeast Asia.
- India meets more than half of its edible oil requirement through imports, with palm oil constituting a major part.
- The actively traded soyoil contract for March delivery on the National Commodity and Derivatives Exchange was 0.64 percent lower at 704.1 rupees per 10 kg.
- The soybean contract for March delivery was up 0.57 percent at 3,335 rupees per 100 kg, while the rapeseed contract for April edged up 0.06 percent to 3,472 rupees per 100 kg.
- India's rapeseed output is expected to surge by a fifth this year due to favourable weather conditions, helping the world's biggest vegetable oil importer boost local supplies by 400,000 tonnes.
- At the Indore spot market in
Madhya Pradesh, soyoil dropped by 4.15 rupees to 729.35 rupees per 10 kg,
while soybeans eased by 10 rupees to 3,414 rupees per 100 kg. At Jaipur in
Rajasthan, rapeseed fell by 16 rupees to 3,900 rupees.
