Futures bullish circuits amid a bullish storm in soybeans

(Gujarat News Office) MUMBAI: The Mumbai Oilseeds market witnessed a surge in various domestic and imported edible oils today. Prices were also rising in the futures market. Soybean futures jumped another six per cent today, signaling a renewed bullish circuit.

Amid lower-than-expected rainfall in Madhya Pradesh and heavy rains in Maharashtra, soybean crop is likely to be affected, with bearish sales being cut as bulls became active in the futures market. Meanwhile, mustard seed futures were also lifted today on the back of soybeans.

Crude palm oil CPO futures were trading at Rs 1,150 this evening, up from Rs 6 to Rs 7, while soyoil futures were quoted at Rs 150.50 this evening. Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 120 today while CPO Kandla rose by Rs 115 to Rs 1,150.

The hawala resale in palm oil, however, had sporadic trades. Cingulum oil prices were up by Rs 150 today. While the price of cottonseed oil went up by Rs 15 to Rs 15. The news of the manufacturing establishments was showing strength.

Meanwhile, palm oil futures in Malaysia traded higher at આજે 15, ૩ 115 and ૮૬ 5 points, respectively, while palm product prices rose by ૫ 15 to ત્યાં 20. There were indications that palm oil production had declined by about 3 to 4 per cent in the first three days of July.

Total palm oil exports there also declined during the period. From there, palm oil exports fell by about four per cent, MSPEC sources said. U.S. agricultural markets remained soft in projection this evening. Soymeal prices fell in China today, while soybean, soyoil and palm oil prices rose.

In Argentina, meanwhile, there have been reports of a state of emergency as the water level in a major river used for shipping and exports has dropped. This was followed by indications that the shipment of goods from Argentina to the world market was being adversely affected.

Meanwhile, in the Mumbai spot market today, the price of castor oil fell by Rs 3 per 10 kg to Rs 1,150 to Rs 1,150 per kg, while the price of castor castor in Mumbai today fell by Rs 15 to Rs 200 per kg. In the Mumbai flour market, the price of a tonne of castor flour remained calm at Rs 500 today.

At Mundra-Hazira, various delivery prices were quoted at Rs 150 to Rs 150 for palm oil, Rs 1,205 to Rs 1,315 for soyoil and Rs 150 for sunflower. In the castor futures market, the August futures price was quoted at Rs 715 this evening. Thus, castor spot and castor futures market were waiting today.

At Akola, refined soyoil was quoted at Rs 150. In the Mumbai market today, Coparel was trading at Rs 120 per 10 kg at Rs 1,210 while rice bran was trading at Rs 1,210 per kg.

Meanwhile, in the Mumbai spot market today, soyoil prices rose from Rs 15 to Rs 150 for digam and Rs 1,310 for refined. Mustard was priced at Rs 1,200 and refined at Rs 150. Sunflower prices rose to Rs 120 and refined to Rs 150.

Producers today said that the price of cingulum oil was Rs 150 and Rs 151 to Rs 50 per 15 kg, while the price of washed cotton was Rs 150 to Rs 150. Meanwhile, soyoil prices in the US agricultural markets remained soft by 4 to 5 points in the projection this evening. In addition, soybean prices were quoted at લર 15 to ૨ 16.