Informist, Monday, Nov 15, 2021
By S. Anirudh Iyer
NEW DELHI – Futures contracts of all components in the edible oil basket traded on the National Commodity and Derivatives Exchange and Multi Commodity Exchange of India were higher today.
* SOYBEAN contracts on the NCDEX earlier today hit the 4% upper limit as demand from poultry-feed manufacturers for soymeal supported prices of the oilseed. Soybean is crushed to produce soymeal.
* Also, a decline in arrivals in domestic markets supported prices of the oilseed, analysts said. According to data by The Soybean Processors Association of India, arrivals of the oilseed in October were at 1.5 mln tn, as against 1.8 mln tn same time last year.
* Soybean, a kharif oilseed, is sown during Jun-Jul and harvested in Sep-Oct.
* MUSTARD contracts ended higher as demand for mustard oil continues to support prices of the oilseed. Mustard seed is crushed to produce mustard oil. Consumption of the latter during winters increases, which is likely to support prices going ahead.
* CRUDE PALM OIL contracts on the MCX were higher, but a sharp rise was capped as data from private cargo surveyor Amspec Agri showed that export of the edible oil during Nov 1-15 was at 302,584 tn, up 39.2% on month.
* The positive data from Malaysia is likely to weigh on sentiment in domestic markets as an increase in exports from Malaysia indicates an increase in supply in domestic markets.
* India is the world’s largest importer of edible oil and Malaysia is the second-largest producer of crude palm oil.
* However, demand for CPO and REFINED SOYOIL is seen weak going ahead as the festival season has come to an end in the country.
* At 1838 IST:
–December contract of soybean was up 5.9% at 5,898 rupees per 100 kg on NCDEX
–December contract of refined soyoil was up 0.8% at 1,206.4 rupees per 10 kg on NCDEX
–December contract of crude palm oil was up 0.3% at 1,089.4 rupees per 10 kg on MCX
–November contract of mustard was up 2.7% at 8,135 rupees per 100 kg on NCDEX. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Snigdha Kuttikat
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