Boom in cottonseed and mustard in domestic edible oils

(By commerce representative), Mumbai, Ta. 20 October 2020, Tuesday

The Mumbai oil and grease market witnessed mixed weather today on imported edible oils, while domestic edible oils saw a lull in prices, while mustard and cottonseed oil saw gains. World market news was showing a new upswing in palm oil and soyoil.

Meanwhile, about 500-700 tonnes of refinery direct delivery for November delivery was traded at Rs 5 per 10 kg of imported palm oil in the Mumbai market today, market sources said. Meanwhile, palm oil futures in Malaysia rose 3 points in global trade today, with palm product prices hovering between 8 and ૧૦ 10.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quiet at Rs 1,20 today, while cottonseed oil was quoted at Rs 7, while mustard rose by Rs 1,050. Meanwhile, the supply of NAFED in mustard has declined, especially in the futures market, where prices have reached new highs, analysts said.

Producers, meanwhile, today quoted cotton washed prices at Rs 200 to Rs 305, while cingulum oil prices were reported to be hovering between Rs 1,200 and 15 kg at Rs 2,050 to Rs 4,050.

Meanwhile, in the Mumbai spot market, palm oil was up by Rs 30 today, while crude palm oil (CPO) Kandla was up by Rs 4, while CPO's October futures were up by Rs 2.50 to Rs 2.50 this evening. Soyoil's November futures rose by Rs 2.50 to Rs 4, according to futures market sources.

Meanwhile, in the Mumbai spot market, soyoil prices rose to Rs 305 for digam and Rs 30 for refined, while sunflower prices fell to Rs 1,100 and refined to Rs 1,150.

Meanwhile, castor oil prices fell by Rs 2 in the spot market today, while spot castor prices fell by Rs 15, while soymeal prices rose by about Rs 200 per 1 tonne in the Mumbai flour market today, while castor meal prices declined marginally. The others in front were quiet.

In Malaysia, meanwhile, palm oil exports rose and stocks and production conditions remained weak, leading to higher prices, analysts said. At home, soybean revenue in Madhya Pradesh today was about 2,4,000 times and All India revenue was about 450,000 times.

Meanwhile, soybean futures and soymeal futures were up 3 points and 5 points higher in the US agricultural markets overnight, while soyoil futures were down 3 points overnight.