Indigenous new crop yields lower than expected due to groundnut lockdown

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(By representative), Mumbai, Ta. Monday, May 25, 2020

The Mumbai Oilseeds Market was officially closed today in the wake of Eid and Bank Holiday. In the closed market, private trade was in full swing and prices of various domestic and imported edible oils were fluctuating. In the world market today, there was news that Malaysian palm oil markets as well as US agricultural markets were closed due to Eid and Memorial Day.

Palm oil was quoted at Rs 205 per 10 kg in the Mumbai spot market today. The new demand was winged. Cingulum oil prices were quiet at around Rs 1,20. Meanwhile, according to sources in the Navi Mumbai Peanut Market, groundnut prices in the Navi Mumbai market were higher today after various producers' groundnut production slowed down due to new summer crop inflows.

In Navi Mumbai market, the price of 1 quintal of groundnut is Rs. 2,500 to Rs. 2,200 per variety of bold malo and Rs. 10,600 for 50-60 counts, Rs. Rs.5,100 for 200 and 50-60 counts were being bid. However, local demand for groundnuts has been slowing down and scattered overseas trade has been reported from Chennai port. Palm oil prices stood at Rs 710 on May 30, subject to lifting.

Producers were quoted at Rs 1,50 for cingulum oil, Rs 5 to Rs 20 for cotton washed and Rs 200 to Rs 303 for cottonseed oil. At JNPT, the price of sunflower was quoted at Rs 5 to Rs 20 for June delivery and Rs 4 for July delivery. At Patalganga, palm oil was trading at Rs 610, while Kandla soyoil refined was trading at Rs 5 plus for delivery from May 4 to June 7. There was news that Malaysian markets would be closed for two days.

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