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India Edible Oil:Most up; Omicron fear dims near-term demand outlook

Informist, Monday, Jan 17, 2022


By Uddipta Banerjee


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


* The rising count of Omicron cases in major consumer countries has weighed on sentiment because it has dimmed the near-term prospects of demand for edible oils. 


* Restrictions to check the spread of the virus are expected to lower the demand from major bulk buyers, which in turn, has capped the rise in prices of the commodities. 


* The most active January contract of SOYBEAN rose on the NCDEX today as demand for the commodity recovered at lower price levels, after it hit a three-week low of 6,003 rupees per 100 kg on Friday.


* The rise was capped as data by The Solvent Extractors’ Association of India showed that soymeal exports in December declined to 43,260 tn, from 251,221 tn during the same month last year, which weighed on sentiment. Soybean is crushed to produce soymeal.


* Soymeal exports fell drastically to 262,337 tn in Apr-Dec, compared with 888,202 tn in the same period last year, because the Indian variant is priced higher in international markets. India is unlikely to export in the next two to three months due to the high domestic prices of soybean seed, it said.


* REFINED SOYOIL contracts were higher on the NCDEX today, owing to output concerns regarding soybean in South America due to persisting drought. Soybean is crushed to produce soyoil.


MUSTARD contracts rose on NCDEX today amid low volume of trade. 


* Prices of CRUDE PALM OIL contracts on MCX were unavailable today as no trade happened for the commodity. 


* At 1740 IST:

–January contract of soybean was up 3.2% at 6,200 rupees per 100 kg on NCDEX

–January contract of refined soyoil was up 0.3% at 1,193.9 rupees per 10 kg on NCDEX

–January contract of mustard was up 1.3% at 7,600 rupees per 100 kg on NCDEX




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


Edited by Aditya Sakorkar


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Source: Cogencis

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