Indian soybeans hit 3-month high on soymeal exports, sugar down

MUMBAI, Nov 24 (Reuters):  Indian soybean futures rose on Monday to their highest level in three months on thin supplies in spot markets amid healthy export demand for soymeal.
Rapeseed and soyoil also rose on lower-than-expected crushing of new season soybeans and hopes the government will increase import duty on edible oils.
A surge in global soymeal prices has revived talk of India regaining its lost share in the Asian feed grain market although prices in the country need to drop for deals to kick off.
The key December soybean contract on the National Commodity & Derivatives Exchange closed 1.3 per cent higher at 3,375 rupees per 100 kg, after rising to 3,392 rupees earlier in the day, the highest level since Aug. 25.
The December rapeseed contract rose 1.5 per cent to 3,907 rupees per 100 kg.
At 1206 GMT, the key December soyoil contract was up 0.41 per cent at 593.30 rupees per 10 kg.
Indian sugar futures eased on sluggish domestic demand, ample stocks and as mills struggled to sign new export deals.
The key December contract was down 0.36 per cent at 2,741 rupees per 100 kg.
India's sugar output is expected to rise 4 per cent to 25.5 million tonnes in the 2014/15 season that started on Oct. 1, a government official said.
Chana, or chickpea, futures dropped on subdued demand and ample stocks.
The December contract finished down 0.94 per cent at 3,163 rupees per 100 kg.
Indian guar seed futures fell on higher supply from new season crop in spot markets.
The December contract ended 0.26 per cent lower at 5,068 rupees per 100 kg.