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Mixed weather in edible oils: soybean, soybean oil prices increased in the world market

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Mumbai : The oilseeds market in Mumbai witnessed mixed weather today with various edible oils trading in a sideways range in a narrow range. New demand was slow and businesses were scattered. In the markets of Saurashtra, the price of single oil was Rs 1550 to 1600 per 10 kg, while the price of 15 kg was Rs 2500 to 2550.

The prices showed stability at the top of the decline. The price of washed cotton in Saurashtra was Rs.825 to Rs.835. The price of Saurashtra Cotton Oil Refined was Rs.885, Soybean Oil Refined was Rs.880 to Rs.885 and Palm Oil was Rs.862. After the new arrival of summer crops in Singdana started from Andhra Pradesh, Karnataka and Tamil Nadu towards West Bengal and Orissa, there are indications of such new arrivals in Rajasthan and Gujarat as well. Now the possibility of increasing such income further was being discussed in the market. However, local demand has been slow in Singdana. But the demand for exporters has been seen in the market time and again.

Meanwhile, the price of 10 kg single oil was Rs 1615 in the spot market of Mumbai today. While the price of cottonseed oil remained Rs.885 to Rs.890. The difference between Saurashtra prices and Mumbai prices was negligible. The price of Mumbai imported palm oil was being told as Rs 870. The rate of sunflower was Rs 845 and the rate of refined was Rs 930 with Rs 925. The price of refined soyabean oil stood at Rs.905 as against Rs.910. While the price of digam was Rs 850 to Rs 845. The spot rate of Mumbai Diwali fell by Rs.8 per 10 kg today, while the spot rate of castor rose to Rs.5635 per kg from Rs.5675 per kg. In Mumbai’s shell market, the price of one shell decreased by Rs 400 to Rs 500, while the price of soya shell increased by Rs 200 to Rs 300. Castor bean prices remained soft in the range of Rs 40 to Rs 50 per tonne. The prices of cotton ghee and sunflower ghee remained calm today.

Meanwhile, the direct delivery price of RBD palm at Navi Mumbai port stood at Rs.875 per weekly delivery. While the cost of coarse goods was Rs 860 for 3 to 4 days delivery. The price of Indore Soytel Refined was indicated to be Rs 900 to Rs 910.

In Patalganga, the rate of soyabean oil for delivery till June 5 was Rs 920 and that of sunflower refined was Rs 930 till June 5. Meanwhile, in the global market, overnight trade in US agricultural markets indicated that soybean prices and soybean oil prices remained bullish.