MUMBAI:Indian oilseed and soyaoil futures erased early gains on Monday afternoon as a fall in the world market prompted profit-taking, although analysts said the medium-term outlook was firm due to an estimated drop in the domestic rapeseed crop's production.
* Malaysian palm oil futures fell 0.56 per cent to 3,379 ringgit per tonne by 0844 GMT, while U.S. soybean eased 0.42 per cent to $13.68-1/4 per bushel.
* "Weak palm oil and U.S. soybean dragged down local market," said Sudha Acharya, an analyst at Kotak Commodities.
* "But weakness is temporary. Yesterday COOIT estimated a sharp drop in rapeseed production. That should support market in medium term," she said.
* The country's rapeseed output is estimated to drop by 12.6 per cent to 6.03 million tonnes in the year to June 2012, said the Central Organisation for Oil Industry and Trade (COOIT) on Sunday.
* Soybean for April delivery on India's National Commodity and Derivatives Exchange was unchanged at 2,907 rupees per 100 kg, after hitting a record high of 2,944 rupees last week.
* Rapeseed for April delivery edged up 0.16 per cent to 3,800 rupees per 100 kg, while April soyoil eased 0.36 per cent to 735.5 rupees per 10 kg.
* India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meagre carry forward stocks of beans, a senior industry official said on March 9.
* In the Indore spot market in Madhya Pradesh, soyoil edged up 1.25 rupees to 735 rupees per 10 kg, while soybean edged up a rupee to 2,836 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed climbed 19 rupees to 3,671 per 100 kg.
