Global soybean prices rise to two-year high

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(By commerce representative), Mumbai, Ta. 19 September 2020, Saturday

The Mumbai Oilseeds market today witnessed mixed weather in various imported edible oils, while domestic edible oils like cingulate and cottonseed oil remained stagnant. In the Mumbai market, there was an overall new demand today and trades were scattered. However, world market news was showing a new uptrend and soybean prices were reported to have hit a two-year high as Chinese buying continued in the US soybean market.

Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil fell from Rs 200 to Rs 8 today, while crude palm oil (CPO) Kandla was quoted at Rs 715. Soyoil Digam, however, rose to Rs 710, while refined prices fell from Rs 3 to Rs 4.

Sunflower prices rose further by Rs 10 to Rs 20 to Rs 1,210 and refined by Rs 1,50. Mustard prices were quoted at Rs 1,050, while cingulum oil prices were quiet at Rs 1,200 per 10 kg and cottonseed oil at Rs 50. Producers, however, said that the price of washed cotton fell from Rs 5 to Rs 20 on the back of rising prices, while the price of cingulum oil rose to Rs 1,20 to Rs 1,20 and Rs 5,000 to Rs 7,010 per 15 kg. Were.

Meanwhile, soybean futures were up 120 points, soymeal futures were up 20 points and soyoil futures were up 3 points in the US overnight trade, while cotton futures were down 19 points. News of the US government's announcement of બર 15 billion in aid to farmers also had a positive effect on markets.

Meanwhile, castor oil prices rose by Rs 5 per 10 kg in the Mumbai spot market, while spot castor prices rose by Rs 10. In the Mumbai flour market, the price of 1 tonne of sunflower flour rose by Rs 200 today, while other flours were quiet.


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