23.01.2020 (Cogencis) - NEW DELHI – Futures contracts of all components of the edible oil basket fell on domestic exchanges today.

The most-active February contract of soybean fell on the National Commodity and Derivatives Exchange due to tepid demand from crushing plants, analysts said. 

According to traders, subdued exports of soymeal, a derivative of soybean, also pulled the prices down.

Weakness in key soybean contracts on the Chicago Board of Trade depressed prices on the domestic exchange further, analysts said.

On the Chicago bourse, soybean prices on CBOT fell for the second consecutive session due to lower-than-expected buying from China, the world's largest importer, a Mumbai-based analyst said.

The February refined soyoil contract on NCDEX and the January crude palm oil contract on the Multi Commodity Exchange of India fell due to poor buying in physical markets. 

Losses in key contracts on the Bursa Malaysia Derivatives also weighed on crude palm oil contracts on MCX, the analysts said. The most-active April crude palm oil contract on BMD settled lower due to weak exports from India. Malaysia's palm oil exports for Jan 1-20 were estimated to be 9.9% lower on month at 738,902 tn, according to cargo surveyor AmSpec Agri Malaysia. 

Losses in soyoil contracts on CBOT also weighed on crude palm oil prices on BMD, analysts said. Crude palm oil and soyoil prices move in tandem as they are used as substitutes in edible oil blends.

The February mustard contract fell on NCDEX on the likelihood of a bigger crop this season, traders said.

Prices of mustard in Jaipur, the key market,  were 10-15 rupees lower at 4,515-4,520 rupees per 100 kg, 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:

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

End

US$1 = 71.29 rupees 

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