Indian oilseeds, veg oil futures jump

NEW DELHI, May 29 (Reuters): Indian oilseeds and vegetable oil futures rose on Thursday, bucking weak trends in the overseas market where palm oil dropped for a fifth consecutive session.

Malaysian palm oil, which is on track for a third straight month of decline, could find a floor on the back of rising US soybean oil prices.

A likely delay in the arrival of monsoon rains in soybeans growing central India also helped the contract gain, dealers said.

The same trend is expected on Friday.

The key June soybean contract closed up 1 per cent at 4,637 rupees per 100 kg on the National Commodity & Derivatives Exchange, while the June rapeseed contract edged up 0.41 per cent to 3,400 rupees per 100 kg.

At 1240 GMT, the June soyoil contract was up 0.66 per cent at 683 rupees per 10 kg.

Guar seed futures ended lower due to weak demand but concerns that production in the next season may drop due to expectations of lower rainfall capped losses.