Indications that the Gondal Market Yard will be closed from Monday due to increasing corona infestation

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- Cotton, soybean and soybean oil prices rise in the world market

(By Representative) Mumbai, 4 May 2020, Saturday

In the Mumbai Oilseeds market, prices of various domestic and imported edible oils were fluctuating narrowly today. However, world market news was encouraging. The impact of rising crude oil prices on the world market was indicative of a positive outlook on the prices of various edible oils globally. In US agricultural markets, soyoil futures were up 5 to 20 points in overnight trade, while soybean futures were up 20 to 5 points, soymeal futures were up 20 to 5 points and cotton futures were up 5 to 20 points.

Experts were pointing out that palm oil prices are likely to open higher in Malaysia on Monday as soyoil rises in world markets. Meanwhile, 120,000 tonnes of new soybeans were exported from the US, sources said. Meanwhile, in the Mumbai spot market today, castor oil prices fell by Rs 5 to Rs 5 to Rs 5 per 10 kg, while spot castor prices also fell from Rs 3,115 to Rs 2,050. New export demand was slower than expected. Peanut oil was quoted at Rs 1,50 per 10 kg, palm oil at Rs 4, soyoil at Rs 20, cottonseed oil at Rs 305, sunflower at Rs 20 and refined at Rs 5, rye oil at Rs 20 and refined at Rs 20. Sources said the Gondal Market Yard would be closed from Monday as corona infestation increased as per Saurashtra's directions. The goods pending at Gondal Yard will be auctioned on Monday, but no new revenue will be received and no new auction will be held till May 15, the sources said.

Meanwhile, in the Mumbai flour market, the price of 1 tonne of cottonseed meal rose by Rs 200 to Rs 3,000 today, while soymeal price rose by Rs 2,15 to Rs 4,500, while other flours remained quiet. Meanwhile, total palm oil exports from Malaysia increased by about 3 to 4 per cent in the first 10 days of this month, according to an ITS report.

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