01.07.2019 (Cogencis) - NEW DELHI – Futures contracts of most components in the edible oil basket, barring crude palm oil, edged higher today on the domestic exchanges.

The July soybean contract on National Commodity & Derivatives Exchange closed 0.6% higher today following weak sowing in key growing areas of the country, analysts said.

Farmers in the country have sown soybean across 274,000 ha as of Thursday, down 68% from the year-ago period, according to farm ministry data. A lag in sowing was due to delayed onset of monsoon and slow progress in Maharashtra and Madhya Pradesh, the top growers, agricultural scientists said.

Gains in soybean contracts on the Chicago Board of Trade also boosted prices on NCDEX, analysts said. Prices rose to a one-year high on the Chicago bourse on fresh dialogue between the US and China on trade.

Refined soyoil futures on NCDEX ticked higher due to a rise in buying in spot markets and downbeat imports, analysts said. 

Mustard futures ended higher on NCDEX due to a pick up in purchases from oil millers amid declining arrivals in spot markets, traders said.

Crude palm oil contracts on the Multi Commodity Exchange of India declined due to tepid buying in wholesale markets and the government's move to boost oil palm plantation in the country, analysts said.

The government is likely to fix the fair remunerative price of fresh fruit bunches of oil palm grown in the country to ensure better realisations to farmers and boost domestic palm oil production, a source in the farm ministry said.  

Strength in key crude palm oil contracts on the Bursa Malaysia Derivatives prevented a sharp fall on MCX, analysts said. Shrugging off weakness in the previous session, crude palm oil futures on the Malaysian exchange ended higher in line with gains in soyoil on the CBOT, analysts said. Prices of crude palm oil and soyoil usually move in tandem.
The following table details prices of edible oils and oilseeds at 1740 IST, in rupees, and the difference compared with the previous session:

End

US$1 = 68.94 rupees

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