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India Edible Oil: Soybean hits 3-wk low as COVID surge hits sentiment

Informist, Friday, Jan 14, 2022

 

By S. Anirudh Iyer

 

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

 

* The most-active January contract of SOYBEAN on the NCDEX touched a three-week low of 6,003 rupees per 100 kg earlier today as the rising count of Omicron cases in the country weighed on sentiment. 

 

* Concerns over the rapidly spreading virus and subsequent lockdowns in major consumer countries has dimmed the near-term prospects of demand. 

 

* REFINED SOYOIL contracts on the NCDEX were down today, tracking parent contracts on the Chicago Board of Trade. Prices also fell after data from Solvent Extractors’ Association of India, released earlier this week, showed crude soyoil imports in December rose to 392,471 tn from 322,809 tn a year ago. 

 

* Crude soyoil is processed to produce refined soyoil. India meets a majority of its local demand through edible oil imports. 

 

* Prices of CRUDE PALM OIL on the MCX were unavailable because trading was shut on account of festivals. 

 

* MUSTARD contracts on the NCDEX ended higher due to high demand during the ongoing winter season. Mustard seed is crushed to produce mustard oil. 

 

* At 1725 IST:

–January contract of soybean was down 4.0% at 6,003 rupees per 100 kg on NCDEX

–January contract of refined soyoil was down 0.7% at 1,187 rupees per 10 kg on NCDEX

–January contract of mustard was up 0.7% at 7,500 rupees per 100 kg on NCDEX

 

End

 

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

 

Edited by Tanima Banerjee

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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