Cogencis (16/09/2020) - NEW DELHI – Futures contracts of SOYBEAN and MUSTARD fell, while those of REFINED SOYOIL and CRUDE PALM OIL edged higher on domestic exchanges today.

* Futures contracts of soybean closed lower on the National Commodity and Derivatives Exchange following higher arrivals of crop with higher moisture content in spot markets, analysts said.

* The fall was cushioned by strength in key contracts on the Chicago Board of Trade.

* Back home, report of crop damage due to heavy rains prevented a sharp fall in soybean prices, traders said. 

* Futures contracts of refined soyoil on NCDEX and crude palm oil on Multi Commodity Exchange of India rose due to upbeat demand in physical markets, with lower imports, dealers said.

* Gains in crude palm oil contracts on Bursa Malaysia Derivatives also supported prices, analysts said. Crude palm oil contracts on the Malaysian bourse settled higher today tailing gains in key soybean contracts on CBOT. Prices of soybean and palm oil move in tandem as they are used as substitutes for manufacturing biofuel.

* Futures contracts of mustard settled lower on NCDEX due to tepid demand from crushing plants, analysts said.

* Prices also fell as National Agricultural Cooperative Marketing Federation of India has resumed mustard sale, Religare Broking said in its daily report.  

Following are highlights of trade in edible oil markets today:

* At 1725 IST

–October contract of soybean was down 0.9% at 3,913.0 rupees per 100 kg on NCDEX

–October contract of refined soyoil was up 0.6% at 924.2 rupees per 10 kg on NCDEX

–September contract of crude palm oil was up 1.2% 785.8 rupees per 10 kg on MCX

–October contract of mustard was down 0.4% at 5,323.0 rupees per 100 kg on NCDEX

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