Boiling News & Veg Oils ,crude

Malaysia's palm oil exports down
10 Jul 2008 1:14 pm

Kuala Lumpur - Malaysia's palm oil exports for July 1-10 fell 16.2 per cent on month to 326,109 metric tons, cargo surveyor SGS (Malaysia) Bhd. said Thursday.

This is the lowest level estimated by SGS for export shipments in the first 10 days so far this year.

SGS estimated exports for the June 1-10 period at 389,300 tons.

The July 1-10 numbers are lower than market expectations of around 355,000 tons and an estimate by another cargo surveyor, Intertek Agri Services.

Intertek estimated July 1-10 exports at 355,154 tons.

SGS estimated exports at 406,693 tons for the May 1-10 period, 346,808 tons for April 1-10 and 527,408 tons for the first 10 days of March.

Exports for Feb. 1-10 were estimated at 362,366 tons, while Jan. 1-10 exports were estimated at 356,194 tons by SGS.

Oilseeds up on positive US soy cues
10 Jul 2008 11:01 am

Mumbai Indian vegetable oilseed futures were trading positively in range-bound session supported by overnight and current gains in the US soy complex. However, the sowing progress and weakness in Malaysian palm oil futures are limiting the gains.



The Malaysian palm oil futures has ended the morning session down on further fall in exports and expectation of rise in inventories in today’s monthly report. The US soy complex closed higher overnight anticipating further tightening of supplies in Friday’s monthly report from US Department of Agriculture [USDA]. The gains in US markets are continuing currently too in a range-bound manner with August soy oil and August soybean quoting up by 5 points and 6.50 cents on e-CBOT.



The Indian markets are trading positively in a range-bound manner supported by the overnight and current gains in US soy complex and crude. However, the losses in Malaysian palm oil in the morning session and reports of good sowing progress this week are weighing on the market sentiments limiting the gains.



The price movements in the domestic markets are range-bound ahead of key reports amid mixed cues. The USDA would be releasing its monthly supply demand reports today and the market is expecting further tightening of stocks, which is supporting the gains in the US soy markets. Domestically, the Ministry of Agriculture would be releasing its weekly Crop Progress report tomorrow and the market is expecting sharp rise in sown area, which is preventing the Indian market from surging ahead.



In other news, MMTC Ltd. has decided to purchase 12,000 tonnes of RBD palmolein in its latest tender, which was floated to import 18,000 tonnes of RBD palmolein and 2,500 tonnes of crude palm oil.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.45 hours is trading higher at Rs. 2,675.00 [+ 19.00] per 100 kg with 18,770 tonnes traded. The July contract at National Board of Trade [NBOT] is up at Rs. 2,684.50 [+ 6.00] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading higher at Rs. 508.40 [+ 0.80] per 10 kg with 520 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session down worried over the continuing downslide in Malaysia’s exports and the prospects of a rise in inventories in today’s June monthly report from Malaysia Palm Oil Board [MPOB].



Malaysia’s palm oil exports have fallen by 1.4% on month during the July 1-10 period to a 3-month low of 355,154 tonnes, around market expectations of 3,55,000 tonnes, cargo surveyor Intertek Agri Services reported in the morning.



The MPOB released its June monthly report just after the morning session ended at MPOB and the report is not as bad as anticipated by the market. While, stocks have risen as anticipated by the market to 2.03 million tonnes up by 6.4 % on a monthly basis, the production has risen by only 0.08% to 1.47 million tonnes. Exports have fallen by 6.7% to 1.12 million tonnes.



The benchmark September contract on Bursa Malaysia Derivatives has ended the session down at MYR 3,490.00 [- 25.00] a tonne with 3,260 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed higher on Wednesday on expectation of further tightening of stocks in Thursday’s July Supply and Demand report from the USDA. The recovery in crude oil and short covering of losses made in the previous two sessions also supported the gains.



Nearby July soybeans jumped 17 cents to $15.78 per bushel, while November soybeans surged 27 1/2 cents to $15.57. December soymeal soared $14.70 to $414.50 per short ton, and December soy oil rose 39 points to 65.35 cents per pound.



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic and US soy complex and recovery in crude markets. The good demand in the physical markets is also supporting the gains. The crushing of mustard seed is reported to be proceeding at quick pace as players are expecting strong demand for mustard oil in August, when the festival season would commence.



However, the gains are range-bound ahead of tomorrow’s sowing report as players are anticipating strong increase in sowing figures this week.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 668.70 [+ 3.25] per 20 kg with 16,710 tonnes traded.



The regional markets are up with August contract at Sirsa and Hapur quoting at Rs. 569.20 [+ 1.60] and Rs. 627.20 [+ 0.60] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading higher on overall bullish sentiments and positive cues from edible oilseed markets. The overall tone is bullish on account of the dull early sowing in castor seed, absence of good rains in major castor tracts like north Gujarat, Rajasthan, expectation of tight supply during November-December, good demand in spot markets and falling of arrivals to sub-20,000 bag levels.



Castor seed August contract at NCDEX is trading higher at Rs. 609.70 [+ 2.10] per 20 kg with 270 tonnes traded.

Spot Soya oil prices - July 10
10 Jul 2008 1:00 pm

Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Soy oil 10/07/08 09/07/08
Min Max Min Max
Mumbai 662 663 662 663
Indore 663 664 665 666
*Akola 692 693 692 693
Alwar 678 679 680 681
*Amravati 692 693 688 689
Bharatpur 678 679 680 681
Bundi 675 676 673 675
Chennai 680 681 680 681
*Kolkata 713 714 713 714
Hyderabad 700 701 700 701
*Jalana 690 691 690 691
Kakinada 685 686 680 685
Kandla 675 676 675 676
*Kanpur 710 711 705 706
*Latur 685 686 685 686
Manglore 670 671 675 676
*Nagpur 698 705 697 698
*Nandad 684 685 684 685
Rajkot 658 660 656 658
*Solapur 686 687 685 686

Spot Mustard oil prices - July 10
10 Jul 2008 12:57 pm

Mumbai - Following are Mustard expeller oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Mustard Oil 10/07/08 09/07/08
Min Max Min Max
Mumbai 687 688 685 686
Alwar 660 662 660 662
Bharatpur 660 662 660 662
Bikaner 655 656 655 656
Bundi 653 654 655 660
Charkhi Dadri 684 685 672 673
*Delhi 692 693 680 681
Haldiya port 750 751 755 756
Jaipur 663 664 661 662
Kanpur 710 711 710 711
Kota 658 659 656 666
Ludhiyana 690 691 677 678
Sriganganagar 673 674 665 666

Oil hits record near $147

London, July 11: Oil leapt USD 5 to a new record high near USD 147 a barrel on Friday, spurred by growing worries of threats to supplies from Iran and Nigeria and the possibility of a strike by Brazilian oil workers next week.

US crude was USD 4.85 at USD 146.50 a barrel by 9:15 am EDT, off highs of USD 146.90, taking gains in just two sessions to over USD 10. It rose USD 5.60 or 4 percent a barrel on Thursday in a late burst of buying activity.

London Brent crude was up USD 4.74 at USD 146.77 a barrel.

Leading the oil complex was ICE gas oil futures which climbed to a new record high of USD 1,336.75 a tonne amid strong demand for diesel and aviation fuel.

Analysts said the threat of supply disruptions provided the bullish backdrop, as the demand picture was unlikely to change much until after the Beijing Olympics.

"We continue to believe that the downside risk to oil prices remains relatively low until the non-OECD countries begin to show greater price and income elasticity response than has been evident to date," Deutsche Bank analyst Adam Sieminski said in a note.

Hot Spots

Oil, which had been on the retreat for much of the week, reversed course on Thursday as fears of supply disruptions from potential hot spots, OPEC members Iran and Nigeria, resurfaced.

A spate of missile tests by Iran, the world's fourth-largest oil exporter, in the last two days against a backdrop of rising tensions with Israel and the United States has left the oil markets worried.

Iran has threatened to strike back at Tel Aviv as well as US interests in a key oil shipping route if it is attacked over its nuclear programme, which Israel and the West fears is aimed at making nuclear weapons.

The United States said it was ready to defend its allies.

The Movement for the Emancipation of the Niger Delta, the main militant group in Nigeria's oil-producing region, said it was abandoning a ceasefire to protest against a British offer to help tackle lawlessness in the region.

Rebel attacks on oil infrastructure in Nigeria, the world's eighth-biggest exporter, have also been partly responsible for the nearly 50 percent rise in prices this year.

Investors have also flocked to oil and other commodities this year as a hedge against rising inflation and a weak dollar.

Workers at Brazil's Petrobras threatened to launch a five-day strike next week that would affect all 42 Campos basin offshore platforms, which account for more than 80 percent of daily oil output of around 1.8 million barrels.

Oil has continued rising despite efforts by top exporter Saudi Arabia to raise production to its highest rate in three decades in an effort to tame oil prices.

Qatar Oil Minister Abdullah al-Attiyah told Reuters on Friday that he saw no demand for the additional crude that Saudi Arabia had pledged to pump.

Oilseeds trade up on global cues
11 Jul 2008 1:20 pm

Mumbai – Indian vegetable oilseed futures were trading positively supported by gains in global edible oil and crude markets. The market is also worried over the lack of rains in Maharashtra and Rajasthan, which are also major soy growing tracts.



The Malaysian palm oil futures is trading higher supported by the strong overnight gains in US soy oil and crude. The US soy complex closed sharply higher overnight and is trading higher currently too with August soy oil and August soybean quoting up by 82 points and 9.50 cents on e-CBOT.



August crude oil at New York Mercantile Exchange soared overnight by $5.60 to settle at $141.65 a barrel, the biggest one-day increase since June 6. It is trading higher currently too with, the contract quoting up at 141.78 a barrel.



The Indian markets are trading higher supported by the gains in global edible oil and crude oil markets. The worry over the lack of rains in all the soy production tracts except Madhya Pradesh is also supporting the gains. However, gains are limited ahead of sowing data that would be released later today. Market is expecting acreage to above the acreage recorded at the corresponding time in the previous year.



Good rains are expected to have ensured normal sowing of soybean in Madhya Pradesh and groundnut in Gujarat, which are respectively the largest growers of these oilseeds. However, the market is worried over the poor second phase of rainfall in Maharashtra, Rajasthan, Karnataka and Andhra Pradesh, which are also major growers of khariff oilseeds. The situation in Maharashtra, the second largest grower of soybean is reported to be the worst with 60% of the state facing a drought-like situation.



The Ministry of Agriculture, would be releasing its Crop Progress Report today, which is expected to provide a clear picture regarding the khariff oilseed crops. The USDA would be releasing its monthly supply demand reports today and the market is expecting further tightening of stocks and a clear picture of the 2008 US soy crop.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 13.10 hours is trading higher at Rs. 2,708.50 [+ 37.50] per 100 kg with 48,150 tonnes traded. The August contract at National Board of Trade [NBOT] is up at Rs. 2,706.00 [+ 33.00] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading higher at Rs. 508.40 [+ 1.30] per 10 kg with 3,560 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] is trading higher, with fresh buying being seen supported by the overnight and current gains in US soy oil and crude oil. However, the weak palm oil fundamentals of continuing fall in exports and record inventories at 2.03 million tonnes are weighing on the market sentiments.



The benchmark September contract is trading higher at MYR 3,559.00 [+ 48.00] a tonne with 4,656 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed higher on Thursday on expectation of further tightening of stocks in today’s July Supply and Demand report from the USDA and late surge in crude oil. Meanwhile, favourable weather for developing Midwest crops limited the gains to a slight extent.



July soybeans settled 31 1/2 cents higher at $16.09 1/2 and November soybeans ended 30 cents higher at $15.87. December soymeal settled $9.50 higher at $424.00 per short ton. December soy oil finished 65 points higher at 66.00 cents per pound.



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soybean, global edible oil and crude oil markets. Fresh buying is being seen as profit-booking seen towards closing yesterday, had brought the prices to more comfortable levels.



While, market is anticipating sown acreage in today’s Crop Progress report to be higher than the acreage at the corresponding time in the previous year, worry over lack of rains in Maharashtra and Rajasthan is also supporting the gains.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 667.90 [+ 2.70] per 20 kg with 39,590 tonnes traded.



The regional markets are trading mixed with August contract at Sirsa and Hapur quoting at Rs. 567.20 [- 1.30] and Rs. 627.40 [+ 0.90] per 20 kg respectively.



CASTOR SEED



Castor seed futures is trading positively with fresh buying been seen on account of the overall bullishness and gains in edible oilseed markets. The overall tone is bullish due to the lack of rains, which has decreased the arrivals and would surely delay the new crop.



Castor seed August contract at NCDEX is trading higher at Rs. 611.00 [+ 2.20] per 20 kg with 780 tonnes traded.

Spot Soya oil prices - July 11
11 Jul 2008 12:46 pm



Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Soy oil 11/07/08 10/07/08
Min Max Min Max
Mumbai 665 666 662 663
Indore 662 663 663 664
*Akola 693 694 692 693
Alwar 678 679 678 679
*Amravati 691 693 692 693
Bharatpur 678 679 678 679
Bundi 675 676 675 676
Chennai 675 676 680 681
*Kolkata 713 714 713 714
Hyderabad 700 701 700 701
*Jalana 690 691 690 691
Kakinada 680 681 685 686
Kandla 673 674 675 676
*Kanpur 710 711 710 711
*Latur 686 687 685 686
Manglore 670 671 670 671
*Nagpur 700 710 698 705
*Nandad 685 686 684 685
Rajkot 653 655 658 660
*Solapur 687 688 686 687

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Spot Groundnut oil prices - July 11
11 Jul 2008 12:43 pm

Mumbai - Following are groundnut oil prices of various markets in India at morning session. All prices are in Rs. per 10kg, Excluding Value added Tax (VAT).

Groundnut oil 11/07/08 10/07/08
Min Max Min Max
Mumbai 720 721 720 721
Rajkot 710 715 700 705
Hyderabad 715 716 715 716
Ahemdabad 710 715 695 700
Chennai 660 661 660 661
Kurnool 697 698 695 696
Narsarropeth 690 691 695 696
Prodattour 692 693 685 686
Bikaner 660 661 660 661

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Maharashtra soybean plant rates - July 11
11 Jul 2008 2:04 pm

Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Kirti
Krishnur
2840

Kirti
Solapur
2760

Kirti
Latur
2840

Tina
Latur
2815

Srinivasa
Nanded
2720

Kohinoor
Nanded
2720

Saismaran
Nanded
2720

New Mah
Dhulia
2845

Disan
Dhulia
2845

Sanjay soya
Dhulia
2845

Chakan
Sangli
2800

Bhakti exp
Jalna
2810

Shivparvati
Hingoli
2720

Siddharth
Akola
2760

Bhaskar
Amravati
2775

Bhaskar
Nagpur
2750

kargil
Nagpur
2750

Shamkala
Bhandara
2750

Tanya
Nagpur
2750

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Madhya Pradesh soybean plant rates - July 11
11 Jul 2008 12:52 pm



Mumbai - Following are the rates offered by soybean plants in Maharashtra today.

Plant
Place
Rates

Laxmi solvex
Dewas
2740

Premier
Dewas
2730

Divya Jyoti
Narsinghpur
2740

Kirti
Dewas
2725

Ruchi Soya
Indore
2725

Prestige
Indore
2725

Prakash Solvex
Indore
2675

Adani
narsing
2730

Kargil
Indore
2740

Kastra/kirti
Dewas
2725

Gujarat Ambuja
Pritampur
2725

Khetan
Ratlam
2725

Dhanlaxmi
Shajapur
2725

Oilseeds up on US soy, dull rains
12 Jul 2008 11:05 am

Mumbai – Indian vegetable oilseed futures were trading positively supported by the overnight gains in the US soy complex due to the positive USDA report. A drought-like situation in Maharashtra, the second biggest producer of soybean after Madhya Pradesh is also supporting gains.



The US soy complex closed positively overnight supported by a positive USDA report and gains in crude oil. The energy markets closed positively at 145.08 after August crude oil at New York Mercantile Exchange hit a new record high at $145.98 a barrel.



The U.S. Department of Agriculture in its supply demand report released Friday reinforced the bullish outlook of the market, by further tightening the supply situation. The USDA forecast 2008-09 U.S. soybean ending stocks at 140 million bushels, compared to 175 million in June.



The 2008 US soybean production is projected at 3.0 billion bushels, down 105 million bushels due to reduced harvested area and yield. While, harvested area 1.7 million acres below the June projection, soybean yield is projected at 41.6 bushels per acre, down 0.5 bushels from last month, due to delayed planting and crop emergence resulting from excessive moisture through June.



Global oilseed production for 2008/09 is reduced 2 million tons to 417.3 million tons, mainly due to fall in US production. Foreign production is projected up 0.9 million tons to 327.2 million tons. Rapeseed production is projected at a record 9.8 million tons.



The Indian markets are trading positively supported by the overnight gains in US soy complex, a positive USDA report and bullishness in crude oil. The domestic market is also worried over the poor second phase of rainfall in Maharashtra, Rajasthan, Karnataka and Andhra Pradesh, which are also major growers of khariff oilseeds. The Indian Meteorological Department has forecasted dull rains in central India too for the next 5-6 days. The anticipation of strong festival retail demand in August is also creating a bullish undertone in the market.



However, the good sowing progress of soybean, groundnut in the past week is limiting the gains. The Weather Watch report released by the Ministry of Agriculture has estimated that 53.99 lakh hectares has been covered under soybean as on 11th July against 43.94 lakh hectares covered at same time last year and 24.82 lakh hectares covered in the previous week. The acreage covered in Madhya Pradesh, Maharashtra and Rajasthan are 13.9, 4.2 and 4.23 lakh hectares respectively, against last year’s 7.27, 11.96 and 0.52 lakh hectares



The groundnut sowing is reported to be done on 24.56 lakh hectares as on 11th July against last year’s 26.03 lakh hectares and last week’s 24.83 lakh hectares. The sowing of sesame seed and sunflower are reported to be lagging at 2.22 and 1.27 lakh hectares respectively, against corresponding time last year’s 5.2 and 3.64 lakh hectares.



The August soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.55 hours is trading higher at Rs. 2,745.00 [+ 18.50] per 100 kg with 19,360 tonnes traded. The August contract at National Board of Trade [NBOT] is up at Rs. 2,744.00 [+ 18.50] per 100 kg.



August CPO at Multi Commodity Exchange of India is trading marginally down at Rs. 509.50 [- 0.30] per 10 kg with 450 tonnes traded.



The US soy complex closed higher on Friday supported by a supportive USDA report and gains in crude oil. July soybeans settled 21 cents higher at $16.30 1/2 and November soybeans ended 9 cents higher at $15.96. December soymeal settled $4.10 higher at $428.10 per short ton. December soy oil finished 2 points higher at 66.02 cents per pound.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed sharply higher on Friday with benchmark September contract settling at MYR 3,575.00 [+ 64.00] a tonne with 10,719 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soybean, global edible oil and crude oil markets. Despite, the improvement in sowing, worry over lack of rains in Maharashtra are also supporting the gains. Anticipation of improvement of demand in August is also supportive.



Most active mustard seed September futures on NCDEX is trading higher at Rs. 680.80 [+ 1.80] per 20 kg with 24,250 tonnes traded.



CASTOR SEED



Castor seed futures is trading higher supported by the gains in oilseeds, crude oil and the overall bullish tone in castor seed on account of the dull monsoon. The delayed sowing of castor seed due to lack of rains are expected to result in new arrivals commencing only after 5 months. The current arrivals have also decreased with farmers expecting more returns.



Castor seed August contract at NCDEX is trading higher at Rs. 618.00 [+ 3.50] per 20 kg with 370 tonnes traded.

Spot Soya oil prices - July 12
12 Jul 2008 12:44 pm

Mumbai - Following are soy oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Soy oil 12/07/08 11/07/08
Min Max Min Max
Mumbai 665 666 665 666
Indore 665 666 662 663
*Akola 697 698 693 694
Alwar 680 682 678 679
*Amravati 695 696 691 693
Bharatpur 680 682 678 679
Bundi 675 676 675 676
Chennai 675 676 675 676
*Kolkata 711 712 713 714
Hyderabad 700 701 700 701
*Jalana 693 694 690 691
Kakinada 683 684 680 681
Kandla 675 676 673 674
*Kanpur 710 711 710 711
*Latur 687 688 686 687
Manglore 670 671 670 671
*Nagpur 702 713 700 710
*Nandad 686 687 685 686
Rajkot 660 662 653 655
*Solapur 688 689 687 688


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Spot Mustard oil prices - July 12
12 Jul 2008 12:42 pm



Mumbai - Following are Mustard expeller oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Mustard Oil 12/07/08 11/07/08
Min Max Min Max
Mumbai 695 696 695 696
Alwar 665 670 660 661
Bharatpur 665 670 660 661
Bikaner 668 669 660 661
Bundi 660 665 654 655
Charkhi Dadri 687 688 680 681
*Delhi 698 699 690 691
Haldiya port 760 761 760 761
Jaipur 675 676 669 670
Kanpur 710 711 710 711
Kota 670 671 664 665
Ludhiyana 690 691 688 689
Sriganganagar 680 681 670 672

Spot Groundnut oil prices - July 12
12 Jul 2008 12:41 pm



Mumbai - Following are groundnut oil prices of various markets in India at morning session. All prices are in Rs. per 10kg, Excluding Value added Tax (VAT).

Groundnut oil 12/07/08 11/07/08
Min Max Min Max
Mumbai 720 721 720 721
Rajkot 710 715 710 715
Hyderabad 715 716 715 716
Ahemdabad 715 716 710 715
Chennai 665 666 660 661
Kurnool 697 698 697 698
Narsarropeth 690 691 690 691
Prodattour 692 693 692 693
Bikaner 660 661 660 661


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Spot Sunflower oil prices - July 12
12 Jul 2008 12:39 pm



Mumbai - Following are sunflower expeller oil prices of various markets in India at morning session. Prices are in Rs. per 10kg, Excluding Value added Tax (VAT).*indicate all paid rates.

Sunflower oil Exp 12/07/08 11/06/08
Min Max Min Max
Bellary 652 653 652 653
Chellakere 650 651 650 651
Chennai 670 671 672 673
Erode 645 646 640 641
*Hyderabad 700 701 700 701
Mumbai 660 661 660 661
Ludhiyana 630 631 630 631
Latur 660 661 660 661