Despite weak demand, most of the oils at the mandis in Indore have been trading higher on improved global cues. Soya refined quoted at ₹740-42 for 10 kg, while soya solvent ruled at ₹705-708. Similarly, palm, cotton and […]
Edible, non-edible oils end flat in thin trade in last week
There was not much activity at the wholesale oils and oilseeds market in last week in the national capital as prices by and large moved in a narrow range in limited deals and pegged at last […]
CBOT soyoil hits 2-wk low; US soybean stocks seen up
Futures contracts of soyoil on the CBOT hit a two-week low of 31.65 cents per pound, due to likely higher-than-expected inventories of soybean in the US. Strength in the US dollar also dragged down the prices of the commodity. The most-active May contract of soyoil on the CBOT was at 31.68 cents per pound, down 0.5% from the previous close.
Malaysia CPO ends up on overnight CBOT soyoil cues.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher, tracking overnight gains in soyoil contracts on CBOT. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,739 ringgits (42,826.46 rupees) per tn, up 7 ringgits from the previous close.
Malaysia CPO down noting losses on CBOT soyoil.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower, taking cues from soyoil contracts on the CBOT. The prices of crude palm oil and soyoil typically move in tandem, as they are substitutes for each other. The prices also fell due to a strong ringgit against the dollar. A stronger ringgit makes buying palm oil more expensive for buyers holding other currencies.
CBOT soyoil down on higher palm oil output view.
Contracts of soyoil on CBOT declined because the output of palm oil in Indonesia was more than last year. The output of palm oil in Indonesia is expected to increase 12.3% on year at 36.5 million metric tonne in 2017. The most active December contract of soyoil on CBOT traded at 34.50 cents per pound, down 0.5% from the previous close.
Malaysia CPO ends down noting losses on CBOT soyoil.
The futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower, taking cues from soyoil contracts on the CBOT. A strong ringgit against the dollar further weighed on crude palm oil prices on the Malaysian bourse as firmness in the ringgit makes palm oil more expensive for buyers holding other currencies. January contract of crude palm oil on the Malaysian bourse closed at 2,820 ringgits (43,092.01 rupees) per metric tonne, down 0.6% from the previous close.
CBOT soyoil down 0.6% tracking Malaysia CPO.
The most active December futures contract on the CBOT traded at 33.07 cents per pound, down 0.6% from previous close. The US Environment Protection Agencies’ suggestion to curb the bio diesel usage in the country in 2018 is also seen weighing on prices. A 15% reduction in the usage of biodiesel in the US during 2018-19 is estimated, which reduce the demand for the soyoil thus weighing on the prices.