RTRS: India soybean futures pare gains to end steady
MUMBAI, May 26 (Reuters) - Indian soybean futures pared early gains to end steady on Wednesday on appreciation in the rupee, analysts said.
Futures were trading over one percent higher in afternoon on a recovery in global markets, an improvement in demand and a lower output estimate for domestic rapeseed crop, they said.
Rapeseed and soyoil futures erased early gains and ended steady.
U.S. soybean and grain futures rose on Wednesday, pulled up by gains in oil prices and a bounce in stocks markets, following sharp falls on Tuesday when worries about Europe's debt problems shook global markets. See [ID:nSGE64P00F]
Malaysian palm oil futures ended higher on Wednesday, countering a decline of more than 2 percent the previous day, as crude oil rose on signs a U.S. supply glut will ease. See [ID:nJAK278927]
"Spot demand has improved. Exports inquiries are also coming for soymeal from Vietnam," said Vinita Advani, an analyst with Ventura Commodities Pvt Ltd.
The June soybean contract NSBM0 on the National Commodity and Derivatives Exchange ended up 0.3 percent at 2,024 rupees per 100 kg, while the June soyoil contract NSOM0 eased 0.04 percent to 454.8 rupees per 10 kg.
"June soybean contract may test resistance at 2,050 rupees." Advani said.
At the Indore spot market in top producer Madhya Pradesh, soybean climbed 17 rupees to 1,993 rupees, and soyoil rose by 1 rupee to 451.60 rupees.
The June rapeseed contract NRSM0 edged down 0.24 percent to 518.4 rupees per 20 kg.
In the Jaipur spot market in Rajasthan, the country's top rapeseed producing state, the price climbed by 6.60 rupees to 516.60 rupees per 20 kg.
Rapeseed harvest in India, the world's top edible oils buyer, is likely to be 6.59 million tonnes, down from the estimated 7.43 million in February and the actual production of 7.2 million tonnes last year, official data showed. See [ID:nSGE64B0AP]
India's April oilmeal exports slumped 14.35 percent from a year earlier, falling for the sixth straight month, on low domestic crushing and as a strengthening rupee weakened demand from Vietnam and China, a trade body said. See [ID:nSGE6440BT]
(Reporting by Rajendra Jadhav; Editing by Sunil Nair)
