Decline in futures as palm oil, soyoil prices fall

(Commercial Representative) Mumbai, Ta. 30 November 2020, Monday

In the Mumbai oilseeds market, there was a new demand today in the wake of the bank holiday and the public holiday. Trades were scattered. However, world market news was softening and as a result, market prices were softening in the Mumbai market today.

In the world market, palm oil futures in Malaysia fell by 9 points today, while palm product prices, however, remained at ઢ 2.5 plus. In the US agricultural markets, soyoil futures were in projection of 4 to 5 points in the projection this evening. Soybean prices also remained soft. While soyoil prices were quoted higher

In China, however, soybean prices rebounded to an 11-year high. Meanwhile, the Indonesian government has reportedly increased its export tax on crude palm oil CPO to માટે 3 per tonne for December.

Palm oil futures were down today as there were indications that the Malaysian government would not extend the tax exemption on edible oils. There was talk of a lower soybean crop in Brazil.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 150 today while cottonseed oil was quoted at Rs 1,050. Imported palm oil was priced at Rs 6 and crude palm oil CPO Kandla was priced at Rs 30. In the futures market, crude palm oil CPO prices were quoted at Rs 6.50 in December for December futures and Rs 2.10 for January futures at Rs 70.50 in the evening, sources in the futures market said.

According to market sources, out-of-town purchases have shifted to Gujarat instead of Mumbai as palm oil prices in Gujarat are lower than in the Mumbai market.

In the Mumbai market today, soyoil was priced at Rs 1,050 for digam and Rs 1,050 for refined, while sunflower was priced at Rs 1,200 and refined at Rs 150. The price of mustard was quoted at Rs. The prices of cingulum oil were Rs 15 to Rs 1,200 and Rs 1,150 to Rs 3,150 per 15 kg for 15 kg, while the price of washed cotton was Rs 1,005 to Rs 1,005. Castor and castor prices were quiet in the Mumbai spot market today. Edible oils remained soft on the back of falling crude oil prices in the global market today.