Indian soybeans hit over 1-year low as soymeal exports drop

MUMBAI, Sept 7 (Reuters): Indian soybean futures fell on Friday to their lowest level in more than a year due to a drop in soymeal exports, while soyoil eased following losses in rival Malaysian palm oil.
Indian soymeal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives, as poor supplies and high prices of the animal feed drive traditional buyers away from the leading Asian supplier.
The key October soybean contract on the National Commodity & Derivatives Exchange closed 2.08 per cent lower at 3,158 rupees per 100 kg, after falling to 3,142 rupees, the lowest level since Aug. 19, 2013, earlier in the day.
The September rapeseed contract finished down 0.5 per cent at 3,560 rupees per 100 kg.
At 12:05 GMT, the key September soyoil contract was down 0.19 per cent at 602.65 rupees per 10 kg.
Oilseeds and soyoil futures are likely to edge up in the next trading session.
Sugar futures edged up on an improvement in demand due to festivals, though a drop in global prices capped the upside.
The key September contract was up 0.23 per cent at 3,010 rupees per 100 kg.
In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand goes up.
Raw sugar futures tumbled to a seven-month low in New York on Thursday, on track for a sixth straight weekly loss, as sell-stops accelerated losses on fears of bearish demand expectations and huge nearby supplies.
Chana, or chickpea, futures extended losses on sluggish demand in spot markets and on hopes of bumper production of the winter-sown crop due to heavy rainfall in the top producing state of Madhya Pradesh.
The September contract closed 1.12 per cent lower at 2,727 rupees per 100 kg.
Indian guar seed futures fell on profit-taking after rising 8.1 per cent in the previous two sessions, though an improvement in export demand for guar gum restricted the downside.
The October contract ended 2.57 per cent lower at 5,871 rupees per 100 kg.
Turmeric futures extended losses on hopes of higher production due to good rainfall in key growing areas.