Decline in imported edible oils due to festivals

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(Gujarat News Office) MUMBAI: New demand was on the rise in the Mumbai oilseeds market today despite the festive season. Prices of various imported edible oils declined. Meanwhile, according to The Solvent Extractors Association of India, in response to the call to the association, various edible oil producers and millers and members of the association have reduced the price of edible oil by Rs 2,000 to Rs 2,000 per tonne on Diwali.

Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil fell by Rs 115 today while crude palm oil CPO Kandla fell by Rs 1,150.

CPO and soyoil futures were also soft in the futures market. CPO futures fell to Rs 115 in the evening and soyoil futures fell to Rs 15 in the evening, while soybean futures were soft at Rs 15 to 20 in Kiev and castor futures were down by Rs 20.

Meanwhile, in the Mumbai spot market, soyoil prices fell today to Rs 15 for digam and Rs 1,310 for ref. However, cingulum oil prices remained subdued at Rs 150 and cottonseed oil prices remained subdued at Rs 150. On the Saurashtra side, the price of washed cotton was Rs 150 while that of cingulum oil was Rs 15 and Rs 200 per 15 kg. In the Mumbai market, the price of mustard was Rs 120 and Rs 150 for ref.

The spot price of castor oil fell by Rs 5 per 10 kg today. While Mumbai spot castor prices were soft at Rs 5 in Kiev today. In the Mumbai flour market, the prices of cottonseed meal and soymeal fell by Rs 200 per tonne while that of sunflower meal rose by Rs 200. Others, however, remained silent.

In the US agricultural market, soyoil prices were 8 to 10 points higher in the projection this evening. Soybean and soyoil prices were also positive. In Malaysia, palm oil futures today closed with a modest improvement of 3.4 and 6 points after two-day volatility. There, the price of palm products was raised by થી 10 to 20.

The prices of various deliveries at Mundra-Hazira ranged from Rs 115 to Rs 1,200 for palm oil, Rs 150 to Rs 12 for soyoil and Rs 12 to Rs 150 for sunflower. Prices for various deliveries at Navi Mumbai port ranged from Rs 1,150 to Rs 1,610 for sunflower and Rs 1,200 to Rs 1,310 at Chennai. At Kandla, soyoil prices were at Rs 1,150 for forward delivery.

There were reports of truck strikes in Brazil. This is likely to have an impact on global soybean prices. In the US, cotton prices rose by 3 points in overnight trade, while soybean and soyoil prices rose. Soymeal prices remained soft.

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