Domestic edible oils fell sharply

(By commerce representative), Mumbai, Ta. 24 September 2020, Thursday

In the Mumbai Oilseeds market today, the prices of various domestic and imported edible oils were on a downward trend. Buyers were the new business wing, staying away from the market, waiting for stability in the declining market. On the other hand, news of manufacturing establishments and world markets were showing a new bang. As a result, edible oil futures fell today and bearish circuits have taken effect as futures continue to be sold at home and in the futures market, sources in the futures market said. In Malaysia, meanwhile, palm oil futures were down another 106 points today, with palm oil prices falling between ૫ 6 and ૭ 2.50. Prices were trading at a three-week low.

Meanwhile, in the Mumbai spot market, 10 kg of Gabdi Singtel was quoted at Rs 1,50 to Rs 1,50 today, while cottonseed oil was quoted at Rs 80 lower. Producers were quoted at Rs 1,50 to Rs 1,20 per kg of cingulum oil, Rs 1,50 to Rs 1,50 per 15 kg and Rs 205 to Rs 205 per kg of washed cotton.

Experts were predicting that the summer crop of various oilseeds in the country would increase from 2.10 lakh tonnes to 4.50 lakh tonnes. The soybean crop was shown to have increased from 114.10 lakh tonnes to 16.50 lakh tonnes. Meanwhile, palm oil prices fell to Rs 5 in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 30.

Meanwhile, in the futures market, CPO September prices fell to Rs 70.50 and were trading at Rs 5 in the evening, while soyoil's October futures fell to Rs 4 and fell to Rs 4 in the evening, sources in the futures market said.

Meanwhile, in the Mumbai spot market, soyoil digam was quoted at Rs 80 and refined at Rs 310, while sunflower was quoted at Rs 1,150 and refined at Rs 1,200. Mustard prices fell from Rs 1,050 to Rs 1,05.

In the world market, experts were hoping that the upcoming crop of sunflowers would be higher as the weather in Ukraine remained favorable. Meanwhile, in US agricultural markets, soybean futures fell by 3 points in overnight trade, while soyoil futures fell by 3 points, while soymeal futures, however, rose by 3 points, while cotton futures remained at 8 points in minus this evening. There were reports of futures breaking 3 to 6 points more.