11.12.2020 (www.cogencis.com) - NEW DELHI – Futures contracts of all components of the edible oil basket fell on domestic exchanges today. 

* SOYBEAN contracts on the National Commodity and Derivatives Exchange fell due to higher arrivals of new crop in spot markets and weak soymeal demand from livestock feed sector, analysts said.  

* However, gains in key contracts on the Chicago Board of Trade limited the fall in prices on NCDEX, traders said.  

* Soybean on CBOT rose due to lower world crop projection by the US Department of Agriculture. The agency has cut its forecast for global soybean crop by 600,000 tn to 362.1 mln tn in December. 

* Futures contracts of REFINED SOYOIL on NCDEX and CRUDE PALM OIL on Multi Commodity Exchange of India fell due to tepid demand in retail markets, analysts said. 

* Fall in crude palm oil prices was limited due to strength in key contracts on the Bursa Malaysia Derivatives, analysts said. 

* Crude palm oil futures ended higher on BMD due to lower output in Malaysia in November. The most-active February crude palm oil contract closed 8 ringgits higher, at 3,411 ringgits (around 62,028 rupees) a tn. 

* The most-active December contract of MUSTARD on NCDEX fell as conducive weather conditions are likely to boost yields of standing crop, analysts said. 

Following are highlights of trade in edible oil markets today: 

* At 1608 IST

–January contract of soybean down 0.8% at 4,281.0 rupees per 100 kg on NCDEX

–December contract of refined soyoil was down 0.8 % at 1,057.0 rupees per 10 kg on NCDEX

–December contract of crude palm oil was down 0.5% at 909.7 rupees per 10 kg on MCX

–December contract of mustard was down 2.3% at 5,554.0 rupees per 100 kg on NCDEX 

End 

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

Edited by Nidhi Chugh

https://www.cogencis.com/newssection/india-edible-oil-eases-soybean-down-on-tepid-soymeal-demand/