09.10.2019 (Cogencis) - NEW DELHI – Futures contracts of soybean and soyoil on domestic exchanges traded lower while those of crude palm oil and mustard rose today.

The soybean contract on National Commodity and Derivatives Exchange traded lower due to a rise in supply of the fresh crop in spot markets, traders said.

Favourable dry weather in key growing areas have improved the pace of harvesting of soybean, traders said.

Gains in key contracts of the oilseed on Chicago Board of Trade cushioned a sharp decline in the prices on the domestic bourse, analysts said.

Prices rose on the Chicago exchange ahead of the US Department of Agriculture's monthly report due on Thursday. Analysts expect the department to further trim US crop, analysts said. US is the world's largest grower of the oilseed.
Refined soyoil on NCDEX fell tracking weakness in key soybean contracts, a Mumbai-based analyst said.

However, crude palm oil on Multi Commodity Exchange of India edged higher tracking the benchmark contracts on Bursa Malaysia Derivatives.

Crude palm oil futures on the Malaysian exchange rose tracking firmness in soyoil contracts on CBOT, analysts said. Prices of soyoil and crude palm oil largely move in tandem as they are used as substitutes.

Investors are now waiting for the Malaysian Palm Oil Board's data on output, exports, and inventory for September, which is due on Thursday.

The November mustard contract on NCDEX also ticked higher due to improved purchases by oil millers ahead of Diwali, analysts said. Any sharp rise was limited due to an increase in the pace of sowing in Rajasthan, the top grower, traders said.

The following table details prices of edible oils and oilseeds at 1600 IST, in rupees, and the difference compared with the previous session.

End

US$1 = 71.01 rupees

Edited by Mainak Moitra