Imported edible oils digested the shock and rose again

(Commercial Representative) Mumbai, Ta. 25 November 2020, Wednesday

In the Mumbai oilseeds market, prices of various imported edible oils were seen stabilizing on the back of shocks, while domestic edible oils were also hitting. However, sunflower oil prices remained subdued while cotton washed prices rebounded to Rs 1,000 in the evening after falling by manufacturing units.

Meanwhile, edible oil prices in the world market were on the rise. New demand in the Mumbai market was sluggish today and 150 to 200 tonnes of imported palm oil was traded at hawala-resell at Rs 5 to 20 per 10 kg. The futures market was quoted higher in the evening. In Malaysia, palm oil prices rose by ડો 2.5 today, while palm oil futures were up 3 points.

However, total palm oil exports from Malaysia declined by about 12 to 15 per cent in the first three days of November. There were also reports that Malaysia was considering imposing an additional cess on crude palm oil CPOs from January. Meanwhile, the government was informed by the Soybean Processors Association that the government has not requested any immediate change in the import duty on edible oils in India.

In the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 1,200 today while the price of cottonseed oil was Rs 105. The prices of cotton washed were Rs 1,000 to Rs 1,005 in the evening, while the price of cingulum oil was reported to be Rs 15 and Rs 1,150 to Rs 3,150 per 15 kg. Meanwhile, there were reports of thunderstorms and rains in South India towards Tamil Nadu and Pondicherry.

However, following the rains, market experts in the coastal region are predicting an increase in groundnut planting for the new summer crop. Meanwhile, in the Mumbai market, imported palm oil was trading at Rs 50 per 10 kg, while crude palm oil CPO Kandla was trading at Rs 310 to Rs 205 per 10 kg. In the futures market, CPO futures were up by Rs 2 to Rs 200.50 this evening and soyoil futures were up by Rs 2.50 to Rs 105.

In the Mumbai spot market, soyoil was trading at Rs 1,050 for digam and Rs 103 for refined, while sunflower was trading at Rs 150 and refined at Rs 150. Mustard was priced at Rs 120.

Mumbai spot castor and spot castor prices were fluctuating narrowly today, while castor futures were quoted at Rs 50 and Rs 70, respectively, in the evening. December soybean futures were up by Rs 5 to Rs 515.

Meanwhile, in the Mumbai flour market, soymeal prices fell by Rs 200 per tonne to below Rs 2,000 today, while castor flour prices remained soft at Rs 30-40. Others were standing in front.

In the US agricultural markets, soybean futures traded marginally lower in the overnight trade, while soyoil prices were in the projection of 4 to 6 points in the evening today after falling 3 points overnight. Cotton prices were down 3 points overnight while soymeal prices were up 3 points.