MUMBAI, Nov 27 (Reuters): Indian soyoil futures extended losses on Thursday on a decline in rival Malaysian palm oil and higher imports of edible oils, while soybeans fell on sluggish export demand for soymeal.
Malaysian palm oil futures fell on Thursday as crude oil prices plunged to their lowest in four years, stoking worries that the tropical oil may lose its appeal as an additive in biofuels.
India's cooking oil imports hit a record high in 2013/14 due to a surge in overseas purchases of soy and sunflower oils, a trade body said, adding that low global prices could spur even higher imports in the current year.
The key December soybean contract on the National Commodity and Derivatives Exchange closed 0.54 per cent lower at 3,318 rupees per 100 kg, while the December rapeseed contract edged up 0.26 per cent to 3,891 rupees per 100 kg.
At 1212 GMT, the key December soyoil contract was down 1.55 per cent at 585.20 rupees per 10 kg.
Indian guar seed futures dropped to their lowest level in 7-1/2 months on higher supply from the new season crop in spot markets.
The December contract ended 2.6 per cent lower at 4,760 rupees per 100 kg, after falling to 4,743 rupees earlier in the day, its lowest level since April 11.
Indian sugar futures eased on ample supplies and the inability of mills to export the surplus.
Indian traders have yet to arrange sugar export deals for the new season harvest as mills are not producing raw sugar due to uncertainty over whether the government will offer incentives, industry officials said.
The key December contract was down 0.18 per cent at 2,736 rupees per 100 kg.
Chana, or chickpea, futures snapped a three-day losing streak on bargain buying, though ample stocks capped the upside.
The December contract finished up 1.26 per cent at 3,146 rupees per 100 kg.
Turmeric futures eased on expectations of higher production.
The key December contract closed 0.4 per cent lower at 6,508 rupees per 100 kg.
Jeera, or cumin seed, futures rose on improved demand in the spot markets.
The key December contract rose 2.1 per cent to 12,305 rupees per 100 kg.
The December corn contract was up 1.71 per cent at 1,192 rupees per 100 kg following global markets, while December wheat edged 0.12 per cent higher to 1,652 rupees per 100 kg.
