18 June 2019 (Cogencis) NEW DELHI – Futures contracts of all components of the edible oil basket, barring soybean, rose on domestic exchanges today.

The July soybean contract ended a tad lower on the National Commodity & Derivatives Exchange in line with losses in key contracts on the Chicago Board of Trade, traders said.

After hitting a two-month high on Monday, soybean contracts fell on the CBOT today due to lower demand at a higher price level, analysts said. 

Prices rose on the American bourse earlier following reports that excess rains in the US, the top producer, had delayed sowing.

Back home, concern over soybean sowing this year following tardy monsoon rains also weighed on sentiments, traders said.

The government has drafted a contingency plan for 2019-20 (Jul-Jun) kharif crops, including soybean, as the delay in monsoon rains are taking a toll on sowing, a farm ministry official said today.

Bucking the trend in soybean, refined soyoil futures on NCDEX and crude palm oil on the Multi Commodity Exchange of India rose due to lower imports of edible oil and rise in demand in wholesale markets, analysts said.

Losses in key contracts on the Malaysian bourse, however, capped any sharp gains on the MCX.

Malaysian palm oil futures settled lower amid worries over sluggish purchases from major buyers and a stronger ringgit against the US dollar. A strong ringgit makes the commodity expensive for buyers holding other currencies.

Malaysia is the world's second largest producer and exporter of palm oil after Indonesia, while India is the largest importer. 

Mustard futures on the NCDEX closed higher because of declining arrivals in spot markets as the lean period is drawing closer and because of firm demand for mustard oil, traders said. 

Nil imports of mustard oil in May also supported the prices, traders said.

The following table details prices of edible oils and oilseeds at 1709 IST, in rupees, and the difference compared with the previous session:

End

US$1 = 69.70 rupees

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