Winds of decline in domestic and imported edible oils

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(By commerce representative), Mumbai, Ta. Saturday, June 27, 2020

In the Mumbai oilseeds market, prices of various domestic and imported edible oils fell sharply today. New demand was sluggish and world market news showed signs of softening domestic sales, market sources said. Meanwhile, news of a significant increase in kharif crop cultivation in the country also weighed on the market today. It was reported that kharif sowing of various oilseeds in the country has increased to around 12.50 lakh to 12.5 lakh hectares at present.

Meanwhile, palm oil prices fell by Rs 20 per 10 kg in the Mumbai spot market today, while July delivery was quoted at Rs 7. Experts were pointing out that the price of palm oil is likely to fall to Rs 70. Crude palm oil (CPO) Kandla was down by Rs 515, while forward prices were quoted below Rs 10 to Rs 15, sources said. Palm oil is currently short of supplies, but the supply was expected to increase in the coming days.

Meanwhile, cingulum oil prices fell by Rs 1.3, cottonseed oil by Rs 20, soyoil digam by Rs 20 and refined by Rs 2, refined, sunflower by Rs 20 and refined by Rs 30 and mustard by Rs 20. Were living. Producers reported lower prices of cingulum oil at Rs 1,20, 15 kg at Rs 2,100 to Rs 2,110 and cotton washed at Rs 4 to Rs 4. Cingulum oil prices are expected to fall further in the coming days, experts said.

Meanwhile, in the Mumbai market today, the spot price of castor oil rose by Rs 15 to Rs 5 to Rs 5, while the spot castor price fell by Rs 20 to Rs 4,050. New export inquiries remained low. In the Mumbai flour market, the price of 1 tonne of cottonseed meal fell by Rs 200 to Rs 2,000 today, while soymeal price rose by Rs 100 to Rs 30.3, while other flours were quiet. Meanwhile, soybean oil futures were down 3 points, soymeal futures were down 3 points, soybean futures were down 6 points and cotton futures were down 12 points in overnight trade in the US.

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