Prices retreat as import of palm oil eases, cottonseed oil rebounds

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- Castor and castor oil prices rise: Flowing indications that a new soybean crop will hit record in Brazil: Soymeal prices fall

(By Commercial Representative), Mumbai, Ta. 31 July 2020, Friday


The Mumbai oil and grease market witnessed a sharp decline in spot prices today as supply of imported palm oil increased and shortage of spot goods eased. On the other hand, cottonseed oil prices have risen further behind the scenes, market sources said. Soyoil prices rose in world markets today, while Malaysian palm oil markets closed today due to a public holiday.

Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil fell from Rs 30 to Rs 5 to Rs 30 today. New trades against were also slow. Crude palm oil (CPO) Kandla, however, was trading at Rs 6, up from Rs 6, while futures traded higher at Rs 61 for CPO in August and Rs 2.50 for soyoil in August. There was talk in the Mumbai market today that some refineries had resumed delivery of palm oil.

Meanwhile, soyoil futures in the US Chicago market rose by 21 points overnight, after which the price was moving 5 points higher in the projection this evening. Meanwhile, cingulum oil was quoted at Rs 1,20 in the Mumbai market today, while cottonseed oil rose by Rs 30. Producers today quoted cotton-washed prices at Rs 715 to Rs 715, while cingulum oil prices were quiet at Rs 1,20 and 15-kg at Rs 1,50 to Rs 1,20. In the Mumbai market, soyoil prices ranged from Rs 715 to Rs 915 for digam, Rs 4 for refined, Rs 203 for sunflower and Rs 30 for refined and Rs 1,050 for mustard.

Meanwhile, in the Mumbai spot market, castor oil was quoted at Rs 5 to Rs 6 today, while spot castor was up at Rs 4,130, while August castor futures were quoted at Rs 4,20 in the evening. . In the Mumbai flour market, the price of 1 tonne of soymeal fell by Rs 200 to Rs 2,50 today, while other flours were quiet. In Brazil, meanwhile, the new soybean crop is expected to reach a record 1,205 to 1,207 lakh tonnes. According to ITS sources, total palm oil exports from Malaysia increased by about 5 per cent in July. Meanwhile, in US agricultural markets, cotton futures were up 19 points and soymeal futures were up 3 points in overnight trade, while soybean futures were quiet.

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