The jump seen in the price of banning new mustard futures

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MUMBAI: The Mumbai Oilseeds market saw a sharp jump in the Mustard Rayada futures market today. There were indications that SEBI had banned the launch of new Mustard-Rayda futures. There was also talk of controlling the deal in existing futures. As a result, after the opening of the Mustard-Rayda seed futures price of Rs.

SEBI has barred Commodity Exchange NCDEX from launching new mustard futures contracts till further orders. SEBI said in its order that it would not be allowed to take a new position in the mustard futures contract currently being traded at Comex. Traders are only allowed to exit from existing futures contracts. The order will come into effect on an immediate basis, SEBI said.

"Sebi has taken this decision to curb further rise in mustard oil prices," said an official of the Leading Oilseeds Association. Most of the mustard in the country has been crushed and as a result prices are rising.

According to government data, the average retail price of mustard oil rose to Rs 19.50 per kg on October 4 this year from Rs 19.50 per kg on August 3, 2020.

According to industry figures, mills have crushed about 3 million tonnes of mustard against a total estimated production of 4 lakh tonnes in the 2050-21 crop year (July-June) and farmers still have a stock of 12-14 lakh tonnes. Mustard is the oilseed crop of rabi season and the new crop will come in February.

Meanwhile, in the Mumbai spot market today, the price of cingulum oil fell by 10 kg to Rs 1,200 per kg.

In Malaysia, palm oil futures jumped 115 points to à«« 2.50 to à«© 70 a barrel in global trade today. In the US, soyoil prices rose 4 to 5 points in the projection this evening. There was talk of a rise in edible oils in the world market as crude oil rebounds.

Meanwhile, imported palm oil rose by Rs 15 in the Mumbai market today, while crude oil palm CPO Kandla rose by Rs 1,200. Palm oil, however, had a new demand wing. In the futures market, CPO futures showed a modest improvement today to Rs 1,150, while soyoil futures rose by Rs 2.50 to Rs 12.50. Soybean futures rose by Rs 20 to Rs 5 per kg.

In the Mumbai spot market, soyoil prices ranged from Rs 150 to Rs 12 for digam and Rs 150 for refined. Sunflower was priced at Rs 120 and refined at Rs 150. Sunflower was priced at Rs 120 and refined at Rs 1,905 while mustard oil was priced at Rs 150 and refined at Rs 150.

The spot price of castor oil increased by Rs. While the present castor price was raised by Rs. Meanwhile, castor meal prices rose by Rs 100 per tonne in the Mumbai flour market today while soymeal prices fell by Rs 2,000 per tonne. Peanut oil prices fell by Rs 1,000 per tonne. The others were quiet.

The prices of various deliveries at Mundra-Hazira ranged from Rs 150 to Rs 150 for palm oil, Rs 150 to Rs 150 for soyoil and Rs 150 to Rs 150 for sunflower. Prices in MP ranged from Rs 2,000 to Rs 3,000. Chinese markets were seen bouncing. Prices of sunflower at Navi Mumbai port ranged from Rs 150 to Rs 150 for various deliveries. The new soybean crop in Brazil is estimated at 1,405 million tonnes

In the US overnight trade, cotton prices rose by 3 points, soybeans by 3 points and soyoil by 12 points. While soymeal prices were 9 points softer. Meanwhile, the effective import duty on imported edible oils has increased due to the rising dollar exchange rate for domestic importers, market analysts said.


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