RTRS:India oilseeds, soyoil fall as key areas get rains
(Reuters) - Indian oilseeds and soyoil futures fell on Thursday, tracking a drop in the world market and as rainfall in the top soybean producing Madhya Pradesh state in the past two days allayed concerns over poor yields.
* Malaysian palm oil futures were down 0.98 percent at 2,922 ringgit per tonne by 0822 GMT, while U.S. soybean dropped 0.78 percent to $16.80-3/4 per bushel.
* "Strong rupee and weakness in overseas market are weighing on sentiments," said Subhranil Dey, an analyst with SMC Comtrade.
* A strong rupee makes edible oil imports cheaper but also trims the returns of oilmeal exporters. The Indian rupee was around 55.9 per dollar, compared to the close of 56.16/17 in the previous session.
* The August soybean contract on India's National Commodity and Derivatives Exchange was down 1.8 percent at 4,730 rupees per 100 kg, after hitting a peak of 5,064.5 rupees last week.
* The central state of Madhya Pradesh received good rainfall in the past two days and is likely to get more rains in the next three days, the weather department said on Thursday.
* The rainfall was good for soybean and it has nearly erased concerns of poor yields, dealers said.
* Soybean output in 2012/13 might exceed the industry's previous year estimates of 10.65 million tonnes as farmers expand acreage to cash in on a record high price, said Dinesh Shahra, managing director, Ruchi Soya.
* The August soyoil contract edged down 1.36 percent to 788.1 rupees per 10 kg, after hitting a peak of 813.4 last week, while rapeseed eased 0.65 percent to 4,458 rupees per 100 kg.
* In the Indore spot market in Madhya Pradesh, soyoil eased 1.65 rupee to 784.95 rupees per 10kg, while soybean edged down by 9 rupees to 4,722 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 25 rupees to 4,400 rupees per 100 kg.
* Indian farmers have cultivated soybean on 8.62 million hectares as of July 20, compared with 9.03 million hectares during the same time a year ago, farm ministry data showed. (Reporting by Rajendra Jadhav; Editing by Jijo Jacob)
