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India Edible Oil: NCDEX soybean at 2-mo high for second straight day

Informist, Tuesday, Nov 23, 2021


By S. Anirudh Iyer


NEW DELHI – Futures contracts of most components in the edible oil basket on the National Commodity and Derivatives Exchange and Multi Commodity Exchange of India were lower today. 


* SOYBEAN contracts on the NCDEX were higher as demand from poultry-feed manufacturers is continuing to support prices of the oilseed. Soymeal is produced by crushing soybean. 


* The most-active December contract hit a two-month high of 6,780 rupees per 100 kg for the second consecutive day today on expectations of firm demand going ahead. 


* The most-active December contract of MUSTARD on NCDEX ended lower as a sharp increase in area under the commodity continues to weigh on the sentiment. According to data by farm ministry, farmers in the country have sown mustard across 6.5 mln ha, up 30% on year so far in the 2021-22 (Jul-Jun) rabi season. 


* Area under the oilseed is higher on year as a sharp increase in prices over the past few months has encouraged farmers to sow the commodity. 


* CRUDE PALM OIL contracts on the MCX and REFINED SOYOIL contracts on the NCDEX were lower due to weakness in parent contracts on the international exchanges. 


* Also, lukewarm demand from bulk buyers after festival season in the country weighed on prices. 


* At 1811 IST:

–December contract of soybean was up 2.6% at 6,600 rupees per 100 kg on NCDEX

–December contract of refined soyoil was down 0.4% at 1,237.5 rupees per 10 kg on NCDEX

–December contract of crude palm oil was down 1.1% at 1,130.5 rupees per 10 kg on MCX

–December contract of mustard was down 2.9% at 8,380 rupees per 100 kg on NCDEX.




IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT


Edited by Maheswaran Parameswaran



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Source: Cogencis

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