Mustard oil softens on subdued local demand
Ram Gopal Yadav (8 years ago)

In restricted activities, mustard oil prices drifted lower by Rs 50 per quintal owing to sluggish local demand. However, other edible and non-edible oils moved in a narrow range in scattered deals and settled around overnight levels. Sluggish local demand against ample stocks position, mainly weighed on mustard oil prices.

India soybean area could jump 15% to beat higher costing palm oil
Ram Gopal Yadav (8 years ago)

Indian farmers are likely to expand soybean planting areas by nearly 15 percent after the government raised edible oil import tax to the highest level in more than a decade, lifting domestic oilseed prices to nearly two-year highs. Higher production of the main summer-sown oilseed could help India, the world’s biggest vegetable oil importer, trim costly imports from Brazil, Argentina, Indonesia and Malaysia. It could also mean a boost in exports of soymeal, a key animal feed, to Asian buyers such as Japan, Vietnam and Bangladesh. Soybean has been giving farmers good returns. Indian soymeal once accounted for nearly a quarter of all Southeast Asian imports, but the country’s share has been falling due to rising domestic soybean consumption amid stagnant production.

Soybean futures rise 1.14% on global cues
Ram Gopal Yadav (8 years ago)

Soybean prices rose by Rs 42 to Rs 3,721 per quintal in futures trade today on accumulation of bets backed by rising overseas trend. Marketmen said widening of bets by speculators in tune with upbeat overseas sentiment, supported the upside in soybean futures prices. At the NCDEX, soybean for delivery in June contracts shot up by Rs 42, or 1.14 per cent.

Soybean futures saw gains of 13 to 17 cents in most front months.
Ram Gopal Yadav (8 years ago)

Soy meal led the way, up $14/ton, with front month soy oil down 38 points. Managed money in soybean futures and options trimmed their net long position by 22,874 contracts to 170,094 contracts in the week that ended 4/24. Canola acreage in Canada is seen at 21.383 million acres in 2018, a 7% drop from a year ago and well below most expectations. Stats Canada soybean acreage intentions were reported at 6.452 million acres, down 11.41% from 2017. BAGE estimates that the Argentine soybean crop is 54% harvested, compared to the average of 43.4%. Recent production estimates have been around 38 MMT, with crushers drawing down stocks and importing soybeans in an attempt to maintain soybean meal exports at typical May levels.

Coriander futures fall 1.98% on easing demand
Ram Gopal Yadav (8 years ago)

Coriander prices fell 1.98 per cent to Rs 4,700 a quintal in futures market as participants trimmed their holdings on the back of easing demand at the spot market. Besides, increased supplies from major producing regions also fuelled the downtrend. At the National Commodity and Derivatives Exchange, coriander prices for delivery in May contract declined by Rs 95, or 1.98 per cent. Market analysts attributed the fall in coriander futures to subdued demand in the physical market against adequate stocks position on increased supplies from producing regions.

NCDEX coriander at 6-month low on high carryover stock
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander hit a six-month low of 4,768 rupees a 100 kg on NCDEX due to a record-high carryover stocks of 3.5 mln bags (1 bag = 40 kg). There is around 1.5-2.0 mln bags of excess coriander in market from the total stock of 10.5-11.0 mln bags which will keep prices under pressure until August. On NCDEX, the most-active May contract was at 4,785 rupees per 100 kg, down 2% from previous settlement.