Oilseed futures market rebounded sharply

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(Gujarat News Office) MUMBAI: Prices of various edible oils were sluggish in the spot market today, with the futures market rebounding sharply in the afternoon. Meanwhile, according to market sources, the central government has recently increased the stock limits in various pulses which were recently reduced.

According to government sources, the oil and oilseeds market is also unlikely to impose stock limits in the current scenario and amid such indications, the futures market witnessed a sharp rise in prices of various edible oils and oilseeds, especially soybean futures, in the afternoon.

Although the stock limit has been increased for wholesalers in pulses but no such stock limit has been increased for retailers and this has come as a surprise to retailers.

The government needs to increase such stock limits for retailers and a representation will be made to the Center for this, said Ramanikbhai Chheda, president, Mumbai Grain Dealers Association. Meanwhile, US crude oil markets fell in overnight trade as crude oil prices fell in world markets. In the futures market, soyoil's August futures price jumped by Rs 3 to Rs 6 in the evening trade. While crude palm oil CPO July futures price rose from Rs 5 to Rs 1115 in the evening.

The futures market rallied as oil and oilseeds were not likely to be subject to stock limits. Soybean futures were trading about three per cent higher this evening. Mustard futures also rose.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 150 at Rs 150 today while cottonseed oil was at Rs 150 per kg. Mustard-Rayda oil was priced at Rs 150 with Rs 150 and refined at Rs 1,200. Producers were quoted at Rs 12-150 for cingulum oil, Rs 20-30 for 15 kg and Rs 150-13 for cotton washed.

In the Mumbai spot market today, the price of imported palm oil fell slightly from Rs 1,215 to Rs 1,315. Barely 50 to 100 tonnes were traded in hawala resell. Crude palm oil CPO Kandla was priced at Rs 1,115 to Rs 1,150. The price of sunflower was Rs.150 and that of refined was Rs.150.

The spot price of castor oil in the Mumbai market today fell by Rs 5 to Rs 1,150 to Rs 1,150 per variety. While the spot castor price fell by Rs 5 to Rs 200. Castor August futures were trading at Rs 6, down Rs 6 this evening.

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