Cogencis (07/08/2019) - NEW DELHI – Futures contracts of most components of the edible oil basket traded mixed on the domestic exchanges today. While soybean and crude palm oil rose, refined soyoil and mustard declined. 

Soybean contracts settled higher on National Commodity and Derivatives Exchange today tracking gains in the bellwether contracts on the Chicago Board of Trade, analysts said.

Prices inched up on the Chicago bourse as rains in key growing regions in the US, the top grower, is posing a threat on the standing crop, traders said.

Back home, reports of higher sowing and good soybean crop condition capped the gains, traders said.

Crude palm oil contracts on Multi Commodity Exchange edged higher following firm demand in the physical markets ahead of festivals due next week, traders said.

Firmness in key crude palm oil on the Bursa Malaysia Derivative also propped up the prices on the MCX.

Crude palm oil futures on the Malaysian bourse ended higher due to a weak ringgit against the US dollar. A weak ringgit makes the commodity cheaper for buyers holding other currencies. Traders also await of Malaysian trade data from Malaysia Palm Oil Board due Monday.

Refined soyoil futures on the NCDEX ticked lower on reports of higher imports and adequate stocks in domestic markets, analysts said.

Mustard contract on NCDEX closed lower due to sufficient supplies and steady physical demand, analysts said. 

Robust mustard meal exports, however, cushioned any significant fall in prices, traders said.

The following table details prices of edible oils and oilseeds at 1830 IST, in rupees, and the difference compared with the previous session:

** Trade in soyoil and crude palm oil futures will end at 2100 IST

End

US$1 = 70.89 rupees

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

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