Cogencis (20/06/2019) - NEW DELHI – Barring crude palm oil, futures contracts of all other components of the edible oil basket on the domestic exchanges rebounded today.

Bucking the trend in rest of the edible oil basket, crude palm oil on MCX ticked lower in line with losses in key contracts on Bursa Malaysia Derivatives, dealers said.

Crude palm oil prices on the Malaysian bourse settled lower owing to dismal exports so far in June, analysts said.

Malaysia's palm-oil exports during June 1-20 are estimated down 5.8% on month at 913,159 tn, cargo surveyor AmSpec Agri Malaysia said.

The July soybean contract on National Commodity & Derivatives Exchange rose due to a pick-up in demand and a decline in arrivals at the spot markets, traders said. 

In Indore, the oilseed was sold at 3,880 rupees per 100 kg, up 15-20 rupees from Wednesday, while arrivals in Madhya Pradesh, the top grower, were pegged at 40,000 bags (1 bag = 100 kg) today, compared with 45,000 bags on Wednesday, traders said.

Weakness in key soybean contracts on Chicago Board of Trade, however, clipped any steep rise on NCDEX, analysts said.

Prices fell on the Chicago bourse as weather vagaries in the US, world's largest producer of soybean, took a toll on sowing of soybean. 

Back home, onset of monsoon rains in key soybean-growing areas also restricted sharp gains, traders said.

The southwest monsoon today entered south Maharashtra, the second largest grower of soybean, after a delay of around a fortnight, IMD said. Absence of monsoon rains not only delayed soybean sowing but also parched the major water reservoirs, agricultural scientists said.

Refined soyoil futures on NCDEX ticked higher on improved demand at lower price level and downbeat imports, analysts said.

Mustard futures on NCDEX climbed up due to paucity of stocks in physical markets due to lean season, traders said.

In Jaipur, the oilseed was sold at 4,090-4,100 rupees per 100 kg, about 10 rupees higher than Wednesday, traders said.

The following table details prices of edible oils and oilseeds at 1620 IST, in rupees, and the difference compared with the previous session:

End

US$1 = 69.45 rupees

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

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