RTRS:India soyoil hits 10-month low on strong rupee
(Reuters) - Indian soyoil futures extended losses on Friday to hit their lowest in nearly 10 months, hurt by a strong rupee and weak demand in spot markets, while soybeans fell to a six-month low as supplies from the new crop start arriving in local markets.
* The rupee rose to a near five-month high on Friday. A strong rupee makes edible oil imports cheaper and at the same time trims returns of oilmeal exporters.
* Malaysian palm oil futures were down 0.31 percent at 2,599 ringgit per tonne at 0843 GMT, while U.S. soybean edged down 0.06 percent to $15.69-3/4 per bushel.
* "The drop in the rupee in a week has made imports cheaper. This may prompt importers to buy large quantity for the festive season," said Chowda Reddy, a senior analyst with JRG Wealth Management.
* India's 2012/13 edible oil imports could rise 4.2 percent to a record high, with palm oil cornering the bulk of that, a Reuters poll showed, as the world's second most populous country fails to raise output quickly enough to meet demand from a growing middle class.
* The November soyoil contract on India's National Commodity and Derivatives Exchange was 2.51 percent down at 657.35 rupees per 10 kg, after falling to 656 rupees ea rlier i n the session, t he lowest for the second month contract since Dec . 13, 20 11.
* Soybean arrivals have started in top producing central Madhya Pradesh state and are likely to rise significantly in October and may peak in November.
* India is likely to produce 11.5 million tonnes of soybeans in 2012/13 compared with 10.5 million tonnes a year earlier, while its rapeseed output in the current year is likely to climb nearly 25 percent to 6.5 million tonnes, industry officials said.
* The November soybean contract was down 2 percent at 3,185 rupees per 100 kg, after falling to 3,183 rupees earlier in the day, while rapeseed fell 1.31 percent to 3,998 rupees per 100 kg.
* At the Indore spot market in Madhya Pradesh, soyoil slipped 8 rupees to 727 rupees per 10 kg, while soybeans rose 9 rupees to 3,353 rupees. At Sri Ganganagar in Rajasthan, rapeseed edged down 20 rupees to 4,050 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)
