Cogencis (27/07/2020) NEW DELHI – All components of the edible oil basket fell on domestic exchanges today.
* SOYBEAN futures on the National Commodity and Derivatives Exchange settled lower, amid a rise in the area under the crop and hope of a bigger crop this year, analysts said.
* The area under soybean across the country was up 17.9% on year ao 11.4 mln ha as of Thursday, as per data from the farm ministry.
* Gains in key soybean contracts on Chicago Board of Trade prevented a sharp fall on NCDEX, traders said.
* REFINED SOYOIL and CRUDE PALM OIL contracts on the Multi Commodity Exchange of India declined due to a rise in imports in physical markets following easing of locdown restrictions, analysts said.
* Weakness in bellwether contracts on the Bursa Malaysia Derivatives also weighed on the crude palm oil prices on MCX. Contracts of crude palm oil on the Malaysian exchange ended sharply lower today as traders booked profits after a spike in prices last week, dealers said.
* MUSTARD contracts on NCDEX fell owing to the slow pace of government procurement from farmers, analysts said. National Agricultural Cooperative Marketing Federation of India procured 803,850 tn of mustard harvested in 2019-20 (Jul-Jun), down 23.4% from a year ago, in five states as of Thursday, a government official said today.
Following are the highlights of trade in edible oil markets today:
* At 1710 IST
–August soybean contract was down 0.8% at 3,760.0 rupees per 100 kg on NCDEX
–August refined soyoil contract was down 1.0% at 847.7 rupees per 10 kg on NCDEX
–August crude palm oil contract was down 2.1% at 713.2 rupees per 10 kg on MCX
–August mustard contract was down 0.6% at 4,803.0 rupees per 100 kg on NCDEX
Read more at http://www.cogencis.com/newssection/india-edible-oil-ncdex-soybean-futures-down-on-higher-acreage/