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NEWS ADMIN

DATE

04/09/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

Cogencis

CATEGORY

HEADLINE

India Edible Oil: Down; Oct soybean falls as acreage up, CBOT weak
Cogencis (03/09/2019) - NEW DELHI – Futures contracts of all components of the edible oil basket on domestic exchanges fell today. The October contract of soybean on the National Commodity and Derivatives Exchange edged 0.5% lower following higher sowing of the oilseed, analysts said.

Farmers in the country have sown soybean on 11.27 mln ha as of Thursday, up 0.8% on year, according to farm ministry data.

Weakness in key contracts on the Chicago Board of Trade also weighed on sentiments, analysts said.

Prices fell on the Chicago exchange following the outbreak of African swine fever in China, which dented its need to import soybean. China is the biggest importer of the oilseed while US is its top producer. 

Refined soyoil on the NCDEX and crude palm oil on the Multi Commodity Exchange edged lower due to adequate stocks in wholesale markets, analysts said. 

Losses in key contracts of crude palm oil on the Bursa Malaysia Derivatives exchange also contributed to bearish sentiments on the MCX. 

Crude palm oil on the Malaysian exchange ended lower, taking cues from the bellwether soyoil contracts on the CBOT, a Mumbai-based analyst said. 

However, upbeat palm oil exports in August limited the fall on the Malaysian exchange, analysts said.

Malaysia's palm oil exports during August are estimated to have risen 15.6% on month to 1.66 mln tn, according to data released by cargo surveyor SGS today.

Mustard seed prices on the NCDEX fell in anticipation of a bigger crop in the coming rabi season, analysts said.

Mustard spot markets in Rajasthan were shut due to an indefinite strike against the government's move to levy 2% tax deducted at source for cash withdrawals above 10 mln rupees, traders said.

The following table details prices of edible oils and oilseeds at 1615 IST, in rupees, and the difference compared with the previous session:

 

CONTRACT

UNIT

(in kg)

EXCHANGE

PRICE

(rupees)

CHANGE

(in rupees)

Soybean Oct

100

NCDEX

3,805.00

(-)20.00

Refined soyoil Sep**

10

NCDEX

750.00

(-) 0.89

Crude palm oil Sep**

10

MCX

567.00

(-) 8.10

Mustard Sep

100

NCDEX

3,902.00

(-)20.00

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

End

US$1 = 72.40 rupees

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

Read more at http://www.cogencis.com/newssection/india-edible-oil-down-oct-soybean-falls-as-acreage-up-cbot-weak/