Conflicts with China escalate in US agricultural markets

Mumbai, Dt. 25 July 2020, Saturday

In the Mumbai oil-oil market, imported palm oil prices rose today, while other edible oils remained subdued. There was a short supply of goods in palm oil. However, trade was scattered as new demand remained slow. In global markets, cotton futures fell 19 points in overnight trade in US agricultural markets, while soybean futures were down 19 points, while soyoil and soymeal futures were showing a slow recovery.

Amid growing differences between China and the United States, fears of a slowdown in new Chinese demand have weighed on US agricultural markets.

Meanwhile, in the Mumbai spot market, palm oil prices were hovering between Rs 5 and Rs 20 per 10 kg today, while crude palm oil (CPO) Kandla was trading at Rs 4. Peanut oil prices were quiet at Rs 1,200, with manufacturers reporting prices of cingulum oil at Rs 1,20 and 15,000 per 15 kg and cotton washed at Rs 305 to Rs 610 per kg. In the Mumbai spot market, Koparel was trading higher behind the South today, with refined soyoil oil at Rs 3, cottonseed oil at Rs 3, sunflower oil at Rs 200 and refined oil at Rs 20. The spot price of castor oil fell by Rs 5 to Rs 5 and the spot castor price fell by Rs 4 to Rs 4,150.

Meanwhile, in the Mumbai flour market, the price of 1 tonne of soymeal flour rose by Rs 200 to Rs 2,50 today, while other flours remained steady. In Madhya Pradesh, refined soyoil prices ranged from Rs 30 to Rs 50, while at Navi Mumbai port, soyoil digum prices were quoted at Rs 215 to Rs 30 and sunflower prices at Rs 305 to Rs 30 for various deliveries. In the global market, palm oil prices in Malaysia have risen by 15 per cent in 15 days, experts said. Palm oil production there has declined by about 15 to 18 per cent in 30 days, while total exports of palm oil have also declined by about 4 to 5 per cent in three days, ITS sources said.