RTRS:India oilseeds, soyoil rise in line with world market
(Reuters) - Indian oilseeds and soyoil futures rose on Thursday, tracking a rally in the world market on concerns over corn and soybean production in the United States, which is facing its worst drought in over 50 years.
* Thin supplies of oilseeds and concerns over Indian soybean production due to a delay in sowing and patchy rainfall also underpinned sentiments.
* U.S. soybeans rose to a record high on Thursday, while front-month corn scaled an all-time high as weather maps showed no sign of an end to a drought that has damaged U.S. crops and provoked concern about food supplies.
* "The overseas rally influenced market more than local fundamentals. It is certain that supplies will remain limited in the world market due to bad weather," said Chowda Reddy, a senior analyst at JRG Wealth Management.
* The August soybean contract on India's National Commodity and Derivatives Exchange (NCDEX) was up 2.88 percent at 4,722 rupees per 100 kg by 0830 GMT, just below the record high of 4,754 rupees hit earlier this week.
* Indian farmers have cultivated soybean on 5.45 million hectares as on July 13, compared with 6.73 million hectares during the same time a year ago, farm ministry data showed.
* The drought in United States has hit the soybean crop, which was rated 34 percent good-to-excellent by the USDA in its report on Monday, down 6 percentage points from the previous week and one point below estimates for 35 percent.
* India's soymeal exports rose to 180,987 tonnes in June, from 117,600 tonnes the same period a year ago, the Solvent Extractors' Association of India said earlier this month.
* The August soyoil contract rose 0.91 percent to 801 rupees per 10 kg, while rapeseed jumped 1.36 percent to 4,320 rupees per 100 kg, after hitting a record peak of 4,379 on Monday.
* In the Indore spot market in Madhya Pradesh, soyoil was up 1.95 rupee at 787.7 rupees per 10 kg, while soybean climbed 40 rupees to 4,659 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 20 rupees to 4,240 per 100 kg. (Reporting by Rajendra Jadhav; Editing by Anand Basu)
