Boiling News & Veg Oils ,crude

Spot Soya oil prices - Aug 11
11 Aug 2008 1:08 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 11/08/08 09/08/08
Min Max Min Max
Mumbai 590 591 595 596
Indore 588 589 590 591
*Akola 615 616 618 619
Alwar 592 593 598 599
*Amravati 610 611 615 616
Bharatpur 592 593 598 599
Bundi 590 591 595 596
Chennai 615 616 600 601
*Kolkata 662 663 665 666
Hyderabad 600 601 595 596
*Jalana 610 611 610 611
Kakinada 575 576 575 576
Kandla 592 593 592 593
*Kanpur 620 621 630 631
*Latur 600 601 605 606
Manglore 580 581 580 581
*Nagpur 615 625 618 630
*Nandad 600 601 605 606
Rajkot 590 595 588 590
*Solapur 600 601 605 606

Spot Mustard oil prices - Aug 11
11 Aug 2008 1:05 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 11/08/08 09/08/08
Min Max Min Max
Mumbai 630 631 638 639
Alwar 620 622 612 613
Bharatpur 620 622 612 613
Bikaner 620 625 620 622
Bundi 610 612 607 608
Charkhi Dadri 654 655 648 649
*Delhi 662 663 656 657
Haldiya port 730 731 730 731
Jaipur 623 624 626 627
Kanpur 640 641 650 651
Kota 618 619 621 622
Ludhiyana 645 646 645 646
Sriganganagar 622 623 620 621

India Jul edible oil imports down 3pc
13 Aug 2008 3:07 pm

Mumbai - India's edible oil imports in July fell 3 per cent to 532,456 metric tons from 548,908 tons during the year-earlier period, the Solvent Extractors' Association of India said Wednesday.



However, in the oil marketing year that began in November, edible oil imports as of July totaled 3.6 million tons, up on year from 3.3 million tons, the data showed.



While crude palm oil imports during the first nine months of the oil year rose 38 per cent to 2.9 million tons, soyoil imports during the period declined to 418,899 tons from 886,320 tons a year earlier.



The country imported only 63,753 tons of soyoil in July, down from 236,763 tons as traders preferred the cheaper palm oil.



Refined, bleached, and deodorized palm olein imports rose sharply to 283,172 tons during the November-July period from 79,583 tons a year earlier.



"Imports of RBD palm olein are rising and were reported at 77,973 tons in July (compared with 18,895 tons a year earlier) mainly due to government purchases for the public distribution system," said the trade body.



India's federal government plans to import 1 million tons of edible oil to sell to lower-income households at discounted rates as prices had risen sharply in the local markets.



As of July 30, the country had imported 260,000 tons of edible oil, most of which was RBD palm olein.



India imports palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina.



The country's total vegetable oil imports during November-July showed a 9 per cent rise from a year earlier to 4.1 million tons.



The Solvent Extractors' Association said imports are likely to total around 550,000-600,000 tons per month until the summer-sown oilseed crop is available for crushing in November.



Sowing of new soybean and groundnut crops is underway in India, and the crop will be harvested in October.



As of Aug. 8, the area covered under groundnuts was 4.55 million hectares compared with 4.72 million hectares at the same time last year.



However, the area under soybeans was 9.13 million hectares, up from 8.33 million hectares in the corresponding period last year.

Oil prices surge on weak inventory report.
Wednesday August 13, 2:21 pm


Oil prices soared Wednesday after the government reported a surprisingly sharp decline in the nation's petroleum inventories.

U.S. crude for September delivery was up $4.37 to $117.38 a barrel in electronic trading. Oil had traded up just 88 cents to $113.89 a barrel just before the report's release at 10:35 ET.

The Energy Department said crude supplies fell by 400,000 barrels during the week ended Aug. 8. The report also said gasoline supplies fell by 6.4 million barrels, while distillates, which are used to make diesel fuel, fell by 1.7 million barrels.

Economists polled by Platts, a division of McGraw Hill Cos., had expected the government to report a 500,000 barrel rise in crude stocks, a 2.2 million barrel decline in gasoline stockpiles, and a rise in distillates of 1.9 million barrels.

Refineries were operating at 85.9% of capacity, down from last week, and a sharper drop than the 86.25% predicted by the Platts poll.

Concerns that high fuel prices are cutting into demand have sent crude prices sharply lower in recent weeks.

Oil has been trending lower since the end of July and is down about $32, or 21%, from its all-time high.

However, the larger-than-expected decline in supplies suggested that demand may not have been as low as many investors had thought.

"This suggests that refiners are cutting back and that should bring gasoline and, to a lesser extent, distillates back up," said Michael Lynch, president of Stretegic Energy and Economic Research in Massachusetts.

The reduced supplies came as fighting continued in a strategically important region of Eastern Europe.

Georgian conflict: Fighting between Russia and Georgia over the breakaway regions of South Ossetia and Abkhazia continued Wednesday, despite a cease-fire brokered by French President Nicolas Sarkozy. According to reports, Russian troops raided the strategically important city of Gori and pressed on in the direction of Tbilisi, the nation's capital.

"The combination of the inventory [decline] and the war in Georgia gave people the incentive to buy [oil]," said Lynch.

Georgia serves as an important hub for transporting oil and natural gas between Europe and Asia.

The oil market has largely ignored threats to international supplies over the past few weeks as investors were more concerned about demand. Georgia's largest oil pipeline had been shut down before the fighting began due to a fire along its Turkish span, and worries about supply disruption failed to significantly rattle investors a day earlier.

However Tom Orr, head of research for Weeden & Co. said he believes the oil market has been undervalued, and expressed concern about a disruption in supplies due to the conflict between Russia and Georgia that flared up this week.

"It amazes me how little attention crude oil traders have paid to the conflict between Russia and Georgia. A month ago crude would have shot up $5 or maybe even $10 per barrel if it looked like we might lose a million barrels per day of supply," wrote Orr in a research report.

Fuel-price pinch: Many investors believe the high price of fuel has been taking a toll on U.S. consumers.

The most recent evidence comes in a report on retail sales released Wednesday by the Commerce Department.

The report showed that retail sales had fallen slightly in July, but that sales of gasoline had grown nearly a percent due to higher prices at the pump.

"You strip out the gasoline and there's not much growth in what [consumers] are buying," said Rachel Ziemba, energy analyst at RGE Monitor.

Demand forecast: Many investors also believe the rising price of crude oil and gasoline has begun to cut demand in the United States, the world's largest oil consumer.

Gas prices remain more than a dollar higher than where they were 12 months ago. However, the average price of retail gas in the United States has fallen more than 8% to $3.787 gallon at the pump over the past 27 days, according to motorist group AAA.

Prices have fallen below the psychological barrier of $4 a gallon in all but 8 states, according to AAA data. But that might be causing a slight uptick in demand.

"With the prices being down at the pump, I think people are starting to drive a little bit more," said Mark Waggoner, president of Excel Futures in California.

Dollar: Mixed view: Also adding to investor concerns was a mixed U.S. dollar.

The dollar sent conflicting signals to investors on Wednesday, turning slightly lower against the 15-nation euro, but rising versus the Japanese yen.

The U.S. currency has been steadily gaining strength amid worries about slowing economic growth outside the United States.

Oil is traded in dollars, so when the dollar strengthens, crude oil becomes relatively more expensive for foreign investors. Oil and other commodities are also commonly used as a hedge against inflation.

Mumbai edible oil prices - Aug 19
19 Aug 2008 10:16 am

Mumbai - Following are the prices of various edible oils at the Mumbai market as on 10.10 a.m. (IST). All prices are in Rs. per 10kg.Excluding Value added Tax (VAT) Variety/Day
18/08/08 19/08/08 Change
Sunflower oil Exp
560 550 -10
oil Ref
625 615 -10
Groundnut oil
700 725 +25
RBD Palmolein
470 474 +4
Cottonseed oil ref
585 585 -
Mustard oil
642 645 +3
Ref Soy oil
580 580 -

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Product: FOB Malaysian ports- Aug 19
19 Aug 2008 10:16 am

Mumbai - Following rates were quoted for RBD Palmolein in India on FOB Malaysian port conditions.

Month
US $/ Per tonnes

Aug
870

Sep
870

Oct
870

Indian summer-sown rice area up 10pc; above-normal rain
19 Aug 2008 10:19 am

Mumbai - India's summer-sown rice planted area during the June 1-August 13 period rose 10 per cent, to 28.2 million hectares, data from the Agriculture Ministry showed Monday.

Corn area fell 9.6 per cent to 6.3 million hectares during the period, while cotton sowing was down 5 per cent, at 8.6 million hectares. Sugarcane area was 17 per cent smaller on year, at 4.4 million hectares.

India's summer crop is planted from June, and is dependent on monsoon rains for growth.

Data released by the India Meteorological Department showed monsoon rains were 2 per cent above normal levels from June 1-August 13, while rains in the week ended Aug. 13 were 36 per cent above normal levels.

Sowing of the summer crop is now largely over, with harvesting expected to begin in late September. However, rains are needed at regular intervals in August and September to nurture the maturing crop.

Table of sowing area for selected summer crops in India (in million hectares) compared with the year-ago figure.

Crop 2008 2007
(Up to Aug 14)
Groundnut 4.81 5.00
Soybean 9.28 8.60
Sesame 1.27 1.42
Oilseeds (Total) 16.39 16.45
Pulses 8.98 10.57

Oilseeds up on global cues, crude oil
20 Aug 2008 11:49 am

Mumbai – Indian vegetable oilseed futures were trading higher supported by current gains in the global edible oil markets. Crude oil markets are also showing gains since yesterday, which is also adding to the positive tone. Domestically firm demand amid lack of selling pressure is being seen. However, the long term tone remains bearish on anticipation of peak arrivals of khariff oilseeds within two months.



The Malaysian palm oil futures has ended the morning session sharply up supported by reports of August 1-20 exports touching an eight-month high. The US soy complex closed tad down overnight. However, it is making strong gains currently with September soy oil and November soybean quoting up by 52 points and 21.75 cents on e-CBOT.



The energy markets rose overnight on account of weakness in the Dollar with September futures at New York Mercantile Exchange settling up by $ 1.66 at $ 114.53 barrel. The gains are continuing currently too with the September contract quoting up by $ 0.40 a barrel.



The Indian oilseed futures are trading higher supported by the gains in the global edible oil and energy markets. The firm demand amid lack of selling pressure in the cash markets are also supporting the gains.



However, the expectation of further losses once the new crop arrivals commence are preventing players from holding on to long positions. In addition to the fall in global edible oil prices, the soymeal prices too have sharply moved down in the global markets. Players are worried that if the bearish tone persists for one more month, the prices would further crash on reduced buying interest from crushing units.



Meanwhile, the condition of the soy crop across Madhya Pradesh is reported to be in a good condition on account of the recent heavy rains. While, flowering is almost complete in the soy crop across Madhya Pradesh, pod setting commenced in Maharashtra. However, the current respite in rains across all the major production tracts is worrying the farmers.



The Crop Progress Report released by the Ministry of Agriculture on Monday indicated that planting of soybean as on August 13th has been carried out on 9.28 million hectares, up by 7.9% from 8.60 million hectares a year earlier. The industry is expecting India’s soybean production to cross 10 million tonnes this year.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] is trading higher at Rs. 2,515.00 [+ 21.00] per 100 kg with 13,530 tonnes traded. The September contract at National Board of Trade [NBOT] is up at Rs. 2,515.00 [+ 22.00] per 100 kg.



September CPO at Multi Commodity Exchange of India is trading higher at Rs. 369.30 [+ 8.50] per 10 kg with 1,330 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session sharply higher on short-covering of recent losses supported by eight-month high August 1-20 Malaysian palm oil exports. The recovery in crude oil and current gains in US soy oil are also supportive.



Cargo surveyor, Intertek Agri Services has estimated August 1-20 exports at 9,04,645 tonnes, up 8% on month almost around market expectations.



The benchmark November contract at BMD has ended the session up at MYR 2,520.00 [+ 84.00] a tonne with 4,140 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed tad down after a volatile session, which saw the market making strong gains earlier on reports of dry weather, disease and delayed crop development in various soy belts.



September soybeans settled 12 cents lower at $12.67, and November soybeans ended down 13 cents at $12.76. December soymeal settled $3.2 lower at $347.5 per short ton. December soy oil finished 15 points lower at 53.18 cents per pound.



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soybean, global edible oil and energy markets. The expectation of increase in demand for mustard oil from West Bengal for ‘Dusshera’ has increased the requirement of mustard seed from crushing units, which too is supporting the gains.



Most active mustard seed November futures on NCDEX is trading higher at Rs. 604.60 [+ 6.65] per 20 kg with 24,860 tonnes traded. The regional markets are up with November contract at Hapur quoting at Rs. 649.25 [+ 1.35] per 100 kg.



CASTOR SEED



Castor seed futures is trading moderately up on short-covering of yesterday’s heavy losses supported by the gains in the edible oilseed markets. However, players are liquidating long-term buy positions on account of the quick pace of sowing and market’s anticipation of acreage exceeding previous year’s due to the current high prices of castor seed, which is limiting the gains.



Most active castor seed September futures on NCDEX is trading higher at Rs. 611.90 [+ 2.30] per 20 kg with 120 tonnes traded.

Spot mustard oil prices - Aug 20
20 Aug 2008 1:12 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




Mumbai
645
646
645
646

Alwar
627
628
618
619

Bharatpur
627
628
618
619

Bikaner
625
626
625
626

Bundi
623
625
610
611

Charkhi Dadri
653
654
655
656

*Delhi
662
663
666
667

Haldiya port
725
726
725
726

Jaipur
634
635
637
638

Kanpur
675
676
675
676

Kota
629
630
632
633

Ludhiyana
660
661
660
661

Sriganganagar
630
631
630
631


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Spot soy oil prices - Aug 20
20 Aug 2008 1:11 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
20/08/08
19/08/08


Min
Max
Min
Max

Mumbai
580
581
580
581

Indore
590
591
598
599

*Akola
615
616
615
616

Alwar
585
586
585
587

*Amravati
612
613
612
613

Bharatpur
585
586
585
587

Bundi
578
580
580
581

Chennai
620
621
615
620

*Kolkata
647
648
647
648

Hyderabad
595
596
585
586

*Jalana
613
614
610
611

Kakinada
575
576
570
571

Kandla
595
596
590
591

*Kanpur
630
631
630
631

*Latur
600
601
600
601

Manglore
575
576
575
576

*Nagpur
614
616
614
618

*Nandad
600
601
600
601

Rajkot
578
580
580
582

*Solapur
602
603
600
601


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Spot groundnut oil prices - Aug 20
20 Aug 2008 1:11 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
20/08/08
19/08/08


Min
Max
Min
Max

Mumbai
725
726
725
726

Rajkot
680
685
690
695

Hyderabad
665
666
665
666

Ahemdabad
690
691
690
700

Chennai
660
661
650
651

Kurnool
642
643
640
641

Narsarropeth
630
631
630
631

Prodattour
635
636
630
631

Bikaner
608
610
615
616

Oilseeds up on global market gains
21 Aug 2008 10:45 am

Mumbai – Indian vegetable oilseed futures were trading higher supported by strong gains in global edible oil markets on account of recovery in crude oil, unrest by farmers in Argentina and weather issues for upcoming US soy crops. However, the dull demand for local edible oils in cash markets and expectation of further fall in prices with new crop arrivals are limiting gains in Indian markets.



The Malaysian palm oil futures has ended the morning session up, just below above MYR 2,650 a tonne supported by the gains in US soy oil. The US soy complex closed higher overnight on supply uncertainties. It is continuing to trade up currently too with September soy oil and November soybean quoting up by 87 points and 8.50 cents on e-CBOT.



Energy markets are continuing the recent recovery with October contract at New York Mercantile Exchange trading up by $ 0.77 at $ 116.33 a barrel currently. Overnight it had settled up by $ 1.05 a barrel.



The Indian oilseed futures are trading higher supported by the strong gains in US soy complex and Malaysian palm oil futures. The gains in energy markets, weak Rupee and reports of resumption of unrest by farmers in Argentina are also supportive. However, the gains are limited by the weak domestic fundamentals.



The renewal of uncertainty regarding supply from Argentina is supporting the global edible oil markets. Argentina's farmers have planned a large rally on August 30, but no strikes have been announced yet. The markets are worried of a possible drop in South American soy crop acreage in the next season due to recent drop in prices and tax issues in Argentina. The fear of further slide in US soy crop yields due to weather, disease related issues are also supporting current gains. The global markets are seeing short-covering of recent heavy losses, with some fresh buying also noticed in anticipation of short-term gains.



Meanwhile, local fundamentals are not supportive for Indian markets, The reduction in demand for local edible oils and soymeal due to fall in global prices has reduced demand for oilseeds from crushing units, which is forcing the cash markets to move down. Global palm oil prices have fallen by around 50% from the peaks seen in March-April. Soymeal prices have fallen sharply in global markets, resulting in Indian soymeal losing its price advantage. The anticipation of further fall in prices, when new arrivals commence are further subduing the demand.



The September soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.35 hours is trading higher at Rs. 2,526.00 [+ 8.50] per 100 kg with 16,230 tonnes traded. The September contract at National Board of Trade [NBOT] is up at Rs. 2,524.00 [+ 8.00] per 100 kg.



September CPO at Multi Commodity Exchange of India is trading higher at Rs. 377.50 [+ 5.00] per 10 kg with 1,570 tonnes traded.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] has ended the morning session higher supported by the gains in US soy oil and crude oil. The current rise in exports and the huge discount of above $ 200 a tonne with soy oil are also supporting the gains.



The benchmark November contract at BMD has ended the morning session up at MYR 2,649.00 [+ 58.00] a tonne with 4,146 lots traded. [MYR=Malaysian Ringitt][1 lot=25 tonnes]



The US soy complex closed higher on Wednesday on weather, crop related uncertainty, gains in crude oil and unrest by farmers in Argentina. Players are worried about yield of upcoming soy crops falling further on account of reports of dryness in certain regions and diseases in some pockets.



September soybeans settled 26 3/4 cents higher at $12.93 3/4 a bushel. The most actively traded November soybean contract ended 24 cents higher at $13 1/2, after trading as low as $12.76. December soymeal settled $6.20 higher at $353.70 a short ton. December soy oil finished 67 points higher at 53.85 cents a pound.



MUSTARD SEED



Mustard seed futures is trading higher supported by the gains in domestic soybean, global edible oil and energy markets. The expectation of increase in demand for mustard oil from West Bengal for ‘Dusshera’, too is supporting the gains. However, the gains are limited to some extent on worries of some demand being met by the much cheaper imported palm oil.



Most active mustard seed November futures on NCDEX is trading higher at Rs. 607.15 [+ 2.40] per 20 kg with 23,090 tonnes traded. The regional markets are up with November contract at Hapur quoting at Rs. 648.50 [- 0.40] per 100 kg.



CASTOR SEED



Castor seed futures is trading tad down with liquidating long-term buy positions on account of the quick pace of sowing and market’s anticipation of acreage exceeding previous year’s due to the current high prices of castor seed.



Most active castor seed September futures on NCDEX is trading lower at Rs. 603.00 [- 0.50] per 20 kg with 470 tonnes traded.

Spot Soya oil prices - Aug 21
21 Aug 2008 12:52 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 21/08/08 20/08/08
Min Max Min Max
Mumbai 580 581 580 581
Indore 590 591 590 591
*Akola 620 621 615 616
Alwar 585 587 585 586
*Amravati 620 621 612 613
Bharatpur 585 587 585 586
Bundi 580 581 578 580
Chennai 620 621 620 621
*Kolkata 650 651 647 648
Hyderabad 600 601 595 596
*Jalana 620 621 613 614
Kakinada 580 581 575 576
Kandla 590 591 595 596
*Kanpur 630 631 630 631
*Latur 608 609 600 601
Manglore 582 583 575 576
*Nagpur 622 624 614 616
*Nandad 606 607 600 601
Rajkot 577 578 578 580
*Solapur 610 611 602 603

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Spot Mustard oil prices - Aug 21
21 Aug 2008 12:50 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 21/08/08 20/08/08
Min Max Min Max
Mumbai 647 648 645 646
Alwar 625 627 627 628
Bharatpur 625 627 627 628
Bikaner 625 626 625 626
Bundi 623 625 623 625
Charkhi Dadri 653 654 653 654
*Delhi 662 663 662 663
Haldiya port 730 731 725 726
Jaipur 631 634 634 635
Kanpur 665 666 675 676
Kota 626 629 629 630
Ludhiyana 662 663 660 661
Sriganganagar 630 632 630 631

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Spot Groundnut oil prices - Aug 21
21 Aug 2008 12:49 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 21/08/08 20/08/08
Min Max Min max
Mumbai 725 726 725 726
Rajkot 690 700 680 685
Hyderabad 675 676 665 666
Ahemdabad 690 691 690 691
Chennai 660 661 660 661
Kurnool 650 651 642 643
Narsarropeth 630 631 630 631
Prodattour 640 641 635 636
Bikaner 600 601 608 610

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Spot Sunflower oil prices - Aug 21
21 Aug 2008 12:47 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 21/08/08 20/08/08
Min Max Min Max
Bellary 565 566 558 559
Chellakere 575 576 570 571
Chennai 600 601 590 591
Erode 575 576 575 576
*Hyderabad 620 621 615 616
Mumbai 560 561 560 561
Ludhiyana 530 531 530 531
Latur 600 601 580 581