Record rise in soybeans: Futures margins rise 4-6% despite rising margin

(Gujarat News Office) MUMBAI: Soybeans were present in the Mumbai oilseeds market today and record highs were witnessed in the futures market. In the soybean futures market, a four to six per cent upper circuit was implemented today following a new price hike. For the last three days in a row, futures have been in high circuits, market analysts said.

Soybean prices have risen sharply on the back of sluggish supply and unfavorable weather conditions. Players were also stunned by the record rise in futures prices today despite indications of increased margins in the futures market. Soybean futures prices were higher today at Rs 7 in Kiev and Rs 4 in August.

Meanwhile, soybean growers had received news that spot prices had risen to a high of Rs 10,000. Soyoil futures, however, were trading at Rs 1,305 this evening, down Rs 2.50 from August futures. In the Mumbai spot market, soyoil prices were quoted at Rs 150 for digam and Rs 1,310 for refined.

In Malaysia, meanwhile, palm oil prices rose in Malaysia today, closing at 6, 21, 2 and 3 points plus in various futures deliveries, while palm product prices there fell by ઢ 2.5 in long-distance delivery. There were also reports of a modest decline in total palm oil exports from Malaysia in the first three days of July.

Meanwhile, according to local futures market sources, margins have now increased after domestic soybean prices rose sharply in the short term recently. Such pre-expiry margin has been increased from 8% to 8.50% while lean-period margin has been increased from 8% to 8%.

The new lean period margin rate will come into effect from July 8. Meanwhile, soybean revenue today was 6,000 times on the Madhya Pradesh side, 3,000 times on the Maharashtra side and about 20,000 times on the All India side. In Madhya Pradesh, there were indications that the spot price of soybean has gone up to Rs 10,000 in Kiev.

In the Mumbai flour market, soymeal prices were quoted above Rs 5,000 per tonne today. The price had reached close to Rs 5,000. As a result, the price of groundnut flour increased by Rs 5,000 per tonne and that of sunflower flour increased by Rs 2,000. Castor meal increased to Rs. In the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 150 today.

About 100 tonnes were traded in hawala-resale. Crude palm oil CPO Kandla was up by Rs 115. In the futures market, CPO prices were quoted at Rs 115 in July and Rs 115 in August this evening. In the Mumbai spot market, groundnut oil was priced at Rs 120, cottonseed oil at Rs 15, mustard at Rs 1,210 and refined at Rs 150.

Producer prices were Rs 150 for cingulum oil, Rs 510 to 20 for 15 kg and Rs 15 to 18 for cotton washed. The present prices of Mumbai castor and the present castor were showing a slow improvement today. At that time, the price of castor in August was reduced by Rs. At Mundra-Hazira, there were indications that the prices of various delivery palm oil would be Rs 150 to Rs 150 and soyoil Rs 150 to Rs 12.