Malaysia's castor crop reduced to 19.52 lakh tonnes: Malaysia decides to reduce export tax

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Mumbai, Apr 10 Apr 2020, Friday

The Mumbai oil-oil market was closed on public holidays today due to Good Friday. In the closed markets, prices of various domestic and imported edible oils were falling sharply among fancier traders in private. However, according to market analysts, bargaining inflows were strong today, with home-market news booming. Meanwhile, new estimates of castor crop in the country are showing that prices are likely to go higher in castor and deodal market, with more than the previous estimate.

The casting of castor in the country was estimated at 1.5 lakh tonnes in February, out of which estimates were now announced to be reduced to 1.8 lakh tonnes. According to the Solvent Extractors Association, castor crops have been damaged due to adverse weather conditions in Gujarat and Rajasthan in March and the new crop estimate has been further reduced.

Meanwhile, in the world market today, the futures of Palmetta were raised by 5 points in Malaysia, while the price of the palm product was raised by 3 to 5 dollars. Meanwhile, the Malaysian government has reported that the tax on crude palm oil exports, which is currently 3 percent, was reduced to 8 percent for May. In addition, it was decided to extend the ongoing economic lockdown there by the end of April. Total exports of palm oil from Malaysia fell by 8.5 percent in the first ten days of April.

Meanwhile, exports of soybeans from Brazil, which increased significantly in March, were also high index points in April. Demand for China has increased. There was also underestimation of the soybean crop. Meanwhile, the price of Singtel in Gujarat was 5 kg at Rs 5, while cotton washed at Rs 5 to Rs 5. At Mudra, soybean prices were reported at Rs 5, while Sunflower was priced at Rs 5. Meanwhile, cotton futures, soybean futures and soybean futures were up in the US overnight trade, while soybean futures remained soft. Global oil prices are rising globally due to rising crude oil prices, market sources said.

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