Rapid rise in soybeans: Adverse effects of rains on crops in MP

(By commerce representative), Mumbai, Ta. Wednesday, August 26, 2020

In the Mumbai Oilseeds market, prices of various imported edible oils, including imported palm oil, rose today, while cingulum and cottonseed oil prices remained subdued. World market news showed a rise in edible oils. In the Mumbai market today, hawala resells in the palm oil traded between Rs 5 and Rs 6 a tonne in the range of Rs 15 to Rs 150 a tonne, while in the late evening, according to market discussions, indications were received that a refinery was trading at Rs 4 for September delivery.

In Malaysia, palm oil futures rose 30 points today, while palm product prices were quoted as high as ૫ 2.50 to ૦૦ 2.00. News from the US agricultural markets was also encouraging.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil is quoted at Rs 1,50, cottonseed oil at Rs 205, imported palm oil at Rs 5 to Rs 20, soyoil digam at Rs 4 and refined at Rs 20 and mustard at Rs 1,05. Were. Crude palm oil (CPO) Kandla was trading at Rs 50.

In the evening, CPO futures were quoted at Rs 41.50 and soyoil futures at Rs 4.50, futures market sources said. Soybean September futures were up by Rs 100 to Rs 2.50 in the evening. There were reports of soybean crop being adversely affected due to heavy rains in Madhya Pradesh.

Meanwhile, in the Mumbai spot market, castor oil prices rose by Rs 5 to Rs 21 to Rs 21 today, while spot castor was quoted at Rs 2,15. Castor September futures rose by Rs 15 to Rs 3,05 in the evening. Meanwhile, the price of 1 tonne of sunflower flour and soymeal flour rose by Rs 200 and Rs 500 per tonne in Mumbai flour market today, while other flours were quiet. Soymeal prices jumped to Rs 5,000 per tonne.

Meanwhile, there were reports that the government was planning to increase palm oil consumption in biodiesel in Indonesia to 50 per cent. In the first nine days of August, palm oil production in Malaysia was expected to decline by about 1.5 per cent.

China's demand for soybeans, especially in the US market, has increased, experts said. Meanwhile, in US agricultural markets, soybean futures rose by 120 points, while soybean oil futures rose by 3 points and soymeal futures by 3 points, while cotton futures were down 19 points.