MARKET DEVELOPMENT
Prospects of Early Kharif Crop Drag Edible Oils
Prospects of Early Kharif Crop Drag Edible Oils
27/07/2013 (Hindu Business Line) - Edible oils skid further on Friday, as local refineries have reduced their rates for oils by Rs 5-12 tracking weak Malaysian palm oil and on expectation of higher supply of indigenous edible oils.
Kharif crops arrivals are expected early due to increase in oilseeds sowing area and good prospects for standing crops in field, said traders.
In Mumbai, groundnut oil declined by Rs 35 following extended loss in main Saurashtra market where it dropped by Rs 50 for 10 kg, taking a total loss of Rs 75 in the last three days on expectation of early kharif crops arrivals. Sunflower, rapeseed and cotton refined oils declined by Rs 5, Rs 10 and Rs 2 each. Imported palmolein and soyabean refined oil fell by Rs 3 and Rs 5 each.
Trading sentiments have been affected by rains in most growing States. Resellers offloaded about 80-100 tonnes of palmolein at Rs 515-516. Barring that, there were no activities.Liberty quoted palmolein at Rs 522-524; super palmolein Rs 555; super deluxe Rs 575. Ruchi quoted palmolein at Rs 525 for July-Sept; soyabean refined oil Rs 628; sunflower refined oil Rs 795 for July-Aug. Allana quoted palmolein at Rs 522-525; super palmolein Rs 560. Gokul’s rates were Rs 517.
In Rajkot, groundnut oil dropped by Rs 65 to Rs 1,410 (Rs 1,475) for telia tin and by Rs 50 to Rs 900 (Rs 950) for loose 10 kg.
Soyabean arrivals at national level were about 1.25 lakh bags-1.30 lakh bags at Rs 3,100-3,200 ex mandi and Rs 3,170-3,220 for plant delivery. Mustard seeds were 70,000 bags at Rs 2,860-3,400.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s August futures were up by Rs 5.50 to Rs 638.30 (Rs 632.80); Sept higher by Rs 5.95 to Rs 621.25 (Rs 615.30) and Oct increased by Rs 6.50 to Rs 602.70 (Rs 596.20).
Malaysia BMD crude palm oil’s August futures contracts closed at MYR 2,256 (MYR 2,271); September at MYR 2,220 (MYR 2,199); October at MYR 2,178 (MYR 2,170).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 940 (975), soya refined oil 626 (631), sunflower exp. ref. 740 (740), sunflower ref. 795 (800), rapeseed ref. oil 665 (675), rapeseed expeller ref. 635 (645) cottonseed ref. oil 621 (623) and palmolein 518 (521).
Kharif crops arrivals are expected early due to increase in oilseeds sowing area and good prospects for standing crops in field, said traders.
In Mumbai, groundnut oil declined by Rs 35 following extended loss in main Saurashtra market where it dropped by Rs 50 for 10 kg, taking a total loss of Rs 75 in the last three days on expectation of early kharif crops arrivals. Sunflower, rapeseed and cotton refined oils declined by Rs 5, Rs 10 and Rs 2 each. Imported palmolein and soyabean refined oil fell by Rs 3 and Rs 5 each.
Trading sentiments have been affected by rains in most growing States. Resellers offloaded about 80-100 tonnes of palmolein at Rs 515-516. Barring that, there were no activities.Liberty quoted palmolein at Rs 522-524; super palmolein Rs 555; super deluxe Rs 575. Ruchi quoted palmolein at Rs 525 for July-Sept; soyabean refined oil Rs 628; sunflower refined oil Rs 795 for July-Aug. Allana quoted palmolein at Rs 522-525; super palmolein Rs 560. Gokul’s rates were Rs 517.
In Rajkot, groundnut oil dropped by Rs 65 to Rs 1,410 (Rs 1,475) for telia tin and by Rs 50 to Rs 900 (Rs 950) for loose 10 kg.
Soyabean arrivals at national level were about 1.25 lakh bags-1.30 lakh bags at Rs 3,100-3,200 ex mandi and Rs 3,170-3,220 for plant delivery. Mustard seeds were 70,000 bags at Rs 2,860-3,400.
On the National Commodities and Derivatives Exchange, soyabean refined oil’s August futures were up by Rs 5.50 to Rs 638.30 (Rs 632.80); Sept higher by Rs 5.95 to Rs 621.25 (Rs 615.30) and Oct increased by Rs 6.50 to Rs 602.70 (Rs 596.20).
Malaysia BMD crude palm oil’s August futures contracts closed at MYR 2,256 (MYR 2,271); September at MYR 2,220 (MYR 2,199); October at MYR 2,178 (MYR 2,170).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: Groundnut oil 940 (975), soya refined oil 626 (631), sunflower exp. ref. 740 (740), sunflower ref. 795 (800), rapeseed ref. oil 665 (675), rapeseed expeller ref. 635 (645) cottonseed ref. oil 621 (623) and palmolein 518 (521).