27.06.2019 (Cogencis) - NEW DELHI – Futures contracts of the edible oil basket were mixed today on domestic exchanges with soybean and refined soyoil moving up, and mustard and crude palm oil falling, analysts said.

Crude palm oil contracts on the MCX declined in line with weakness on the Malaysian exchange, analysts said.

Crude palm oil prices on the Bursa Malaysia Derivatives ended lower due to eroding demand from major buyers, analysts said. Malaysia is the world's second largest producer of the tropical oil.

Losses in key soyoil contracts on the CBOT also weighed on the tropical oil prices on the Malaysian exchange, traders said. 

The benchmark January contract of crude palm oil on the Bursa Malaysia Derivatives today ended at 1,963 ringgits (32,289 rupees) per tn, down 3 ringgits from Wednesday's close.

Mustard futures on National Commodity & Derivatives Exchange fell due to rising area under the kharif oilseed and poor demand in domestic markets, traders said.

Area under the kharif oilseeds rose to 160,000 ha as of Jun 19 against 104,000 ha a week ago, the farm ministry data showed.

The July soybean contract on NCDEX settled a tad higher due to firm demand from solvent plants. However, any sharp rise was capped by losses in bellwether contracts on Chicago Board of Trade, analysts said.

Soybean contract on the US bourse fell due to forecast of favourable weather in the US, the top grower, that may accelerate sowing operations.

Back home, increasing sowing pace with monsoon progress also limited the gains on the NCDEX, traders said.

Refined soyoil futures on NCDEX edged marginally higher due to improved purchases in physical markets amid sluggish imports, analysts said.
The following table details prices of edible oils and oilseeds at 1716 IST, in rupees, and the difference compared with the previous session:

End

US$1 = 69.06 rupees

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