Boiling News & Veg Oils ,crude

Spot Groundnut oil prices - June 20
20 Jun 2008 1:23 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 20/06/08 19/06/08
Min Max Min Max
Mumbai 750 751 750 751
Rajkot 730 735 735 740
Hyderabad 730 731 730 731
Ahemdabad 730 740 730 740
Chennai 690 691 690 691
Kurnool 715 716 715 716
Narsarropeth 720 721 720 721
Prodattour 710 711 705 706
Bikaner 690 691 690 691

Indian edible oil prices mixed; oilseed sowing up on year
21 Jun 2008 10:02 am

Mumbai - India edible oil prices were mixed during the week ended Friday as supply tightness continued to support soyoil prices, while crude palm oil prices edged down on a weak overseas trend.

Low availability of soybean, the main oilseed grown in the country, has lead many mills in the country to shut down, affecting soyoil supply.

The mills will open once the new crop, which is currently being sown, arrives in October.

According to government data released Friday, area under oilseed cultivation during June 1-19 was 467,000 hectares, up from 388,000 hectares a year ago.

Soybean sowing was carried out on 103,000 hectares compared with 24,000 hectares a year ago.

Area under groundnut cultivation was 237,000 hectares, up from 189,000 hectares, the government data showed.

This year, soybean acreage is expected to rise by up to 10% from last year's 8.7 million hectares as farmers in the provinces of Maharashtra, Gujarat, Madhya Pradesh and some southern provinces switch from crops such as pulses to soybeans, industry experts said.

"Demand for the oil continues to be robust specially the retail offtake," said a trader based in the central Indian province of Madhya Pradesh.

Although the government has announced the sale of edible oils at subsidized rates from July, the trader said that the additional supply is unlikely to lower prices as the there is insufficient quantity to meet local demand.

The government plans to distribute 1 million metric tons of imported edible oils at a subsidy of Rs 15/kilogram to lower-income households.

The four state-run trading houses, namely PEC Ltd, MMTC Ltd, State Trading Corp, and National Agricultural Cooperative Marketing Federation, have contracted to import 179,000 tons of edible oils till now, the government said.

Weak exports have dampened prices of Malaysian crude palm oil affecting prices of the commodity in the local markets.

In India, the price of local edible oils is directly affected by international markets because the country imports nearly half of its annual edible oil demand.

It buys soyoil from Argentina and Brazil and palm oil from Malaysia and Indonesia.

Local refined soyoil was at Rs 67,300/ton Friday, up from Rs 65,500/ton a week earlier.

Refined, bleached and deodorized palm olein was at Rs 58,400/ton, up from Rs 57,800/ton.

However, crude palm oil was trading at Rs 51,500 a metric ton, down from Rs 52,000/ton a week earlier.

Mumbai edible oil prices - June 21
21 Jun 2008 10:19 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
20/06/08 21/06/08 Change
Sunflower oil Exp
705 695 -10
oil Ref
760 750 -10
Groundnut oil
750 750 -
RBD Palmolein
587 583 -4
Cottonseed oil ref
680 670 -10
Mustard oil
710 705 -5
Ref Soy oil
672 670 -2

The trend is up

The market in the last session completed 23.5 per cent retracement and moved a bit high.

Open interest has come down shows the fall is more on the back of profit booking.

Those who are long earlier first priority is to book profit at higher level.

As the trend is up therefore enter fresh long above Rs 2698 with stop loss below 2670.

Yesterday's Close
2666.50

1 day back Close
2685.00

% Gains/Loss Yesterday
-0.69

Trend


Daily Closing Reversal Point
2560.00

Up Trend Date
6-Jun-08

Up Trend Price
2463.00

Current Gain/Loss
203.50

% Gains/Loss
8.26%

Open Interest
37690.00

Previous Days
38240.00

% Increase/Decrease in OI
-1.46

Highest Open Interest of Contract
47960.00

Volumes
33030

Previous Days Volume
33260

% Increase/Decrease in Volumes
-0.70

Highest Volume of the Contract
56240


INTRA-DAY LEVELS

Last Close
Daily Closing Reversal

Point
Level 1
Level 2
Center Point
Level 3
Level 4

2666.5
2560.0
2637.0
2652.0
2661.0
2676.0
2685.0

Oilseeds dip; profit-taking remains
21 Jun 2008 11:45 am

Mumbai - Indian vegetable oilseed futures were trading down affected by the overnight losses in the US soy complex. Reports of normal progress of sowing, soaring inflation, announcement by the government on distribution of subsidized edible oil though ration shops from July and continuing profit-booking are also pulling the market down.



The US soy complex closed significantly down overnight as the market continued to correct with weather outlook improving for soybean re-planting in the flood affected areas. The Malaysian palm oil futures had closed down On Friday as weak export data confirmed current fears of slowing demand amid swelling stocks.



The Indian oilseed futures is trading lower on profit-booking of recent sharp gains, supported by reports of normal sowing and losses in the global edible oil markets. Expectation of increase in supply with Government announcing its decision to sell subsidized edible oil from July has added to the drop in buying pressure in the domestic markets.



The sowing of khariff oilseed is proceeding at normal pace ahead of previous year. The Weather Watch report released by the Ministry of Agriculture estimates that 1.03 lakh hectares has been covered under soybean as on 20th June against 0.24 lakh hectares and 1.01 lakh hectares covered at the corresponding date in 2007 and 2006 respectively. 41,000 hectares were reported to have been covered as on 13th June 2008.



Groundnut sowing is lagging behind 2006 levels with 2.37 lakh hectares covered on June 20th against 1.89 and 3.97 lakh hectares covered at the same time last year. However, quick progress was noticed over the past week with only 81,000 hectares covered as on 13th June.



Market players are expecting the sowing of soybean in Madhya Pradesh and Vidarbha to sharply gather pace in the next week. The Indian Meteorological Department has also forecasted strengthening of rainfall in central India in next week, which would help farmers to complete land preparation for sowing.



The spot markets have moved down with demand dropping at the current high prices. The buyers are waiting for the market to correct and reach a lower level before making further purchases.



The Government of India has announced that edible oils will be available at subsidised rates through ration shops in fifteen States from the next month. 10 lakh tonnes of imported edible oils would be distributed in 2008-09 at a subsidy of Rs. 15/- per kg through State Governments at the rate of 1 kg. per ration card per month. The announcement added that Public Sector Undertakings have already contracted import of 1.79 lakh tonnes of edible oils for the purpose, out of which one lakh tonnes of edible oils have been shipped to Indian ports.



The 15 States who have desired to participate in the scheme are Andhra Pradesh, Chhattisgarh, Gujarat, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Meghalaya, Nagaland, Orissa, Rajasthan, Sikkim, Tamil Nadu, Tripura and West Bengal.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] at 10.25 hours is trading lower at Rs. 2,659.50 [- 5.50] per 100 kg with 7,230 tonnes traded. July soybean at National Board of Trade [NBOT] is down at Rs. 2,663.00 [- 5.50] per 100 kg.



July CPO at Multi Commodity Exchange of India is trading higher at Rs. 519.40 [+ 0.30] per 10 kg with 450 tonnes traded.



The US soy complex closed down on continued correction as favorable weather outlooks remained for late soybean plantings. A leading sector of striking Argentine farmers said it will stop road blocks by midnight Saturday, which too added to the negative sentiments.



July soybeans settled 13 cents lower at $15.32 1/2, and November soybeans ended 12 1/2 cents lower at $15.09. July soymeal settled $7.80 lower at $411.70 per short ton. July soy oil finished 24 points lower at $63.88 cents per pound.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with benchmark September contract settling at MYR 3,551.00 [- 49.00] a tonne. [MYR=Malaysian Ringitt]



MUSTARD SEED



Mustard seed futures is trading lower on continuing correction, tracking the losses in domestic soybean markets. The demand hs also eased in the cash markets with buyers waited for the correction to be over, before fresh purchases. The sharp rise in inflation, fear of possible ban on futures trading in rapeseed and announcement by Government that it would commence sale of subsidized edible oil to poor families from July is also adding to the selling pressure in the market.



Most active mustard seed July futures on NCDEX is trading lower at Rs. 652.20 [- 1.45] per 20 kg with 19,540 tonnes traded.



The regional markets are trading marginally up with August contract at Hapur quoting at Rs. 622.70 [+ 0.20] per 20 kg.



CASTOR SEED



Castor seed futures has not finalized any trades, with thin trading being seen.



The reports that delay in rainfall has delayed the sowing of castor seed in Andhra Pradesh is confirmed by the Weather watch Reports released by the Ministry of Agriculture. Only 4000 hectares has been covered under castor seed as on 20th June 2008 against 17,000 hectares covered at the corresponding time last year. No sowing has been reported from Andhra Pradesh.

Spot Soya oil prices - June 21
21 Jun 2008 12:57 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 21/06/08 20/06/08
Min Max Min Max
Mumbai 670 671 672 673
Indore 673 674 675 676
*Akola 690 691 695 696
Alwar 704 705 704 705
*Amravati 690 691 695 696
Bharatpur 704 705 704 705
Bundi 701 702 707 708
Chennai 683 684 690 691
*Kolkata 716 717 718 719
Hyderabad 680 681 675 676
*Jalana 692 693 695 696
Kakinada 685 686 680 681
Kandla 680 681 680 681
*Kanpur 710 712 710 712
*Latur 695 696 700 701
Manglore 678 679 678 679
*Nagpur 705 706 710 711
*Nandad 694 695 698 699
Rajkot 668 670 665 670
*Solapur 695 696 698 699

Oilseeds end higher on late buying
21 Jun 2008 2:34 pm

Mumbai - Indian vegetable oilseed futures closed higher with fresh buying being seen towards closing with the market again worried over the current supply tightness owing to limited arrivals and drop in imports of edible oils. Speculative buying was seen with the recent correction in prices making the market more attractive.



The US soy complex closed down overnight as the market continued to correct with weather outlook improving for soybean re-planting in the flood affected areas. The Malaysian palm oil futures had closed down On Friday as weak export data confirmed current fears of slowing demand amid swelling stocks.



The Indian oilseed futures had opened lower on profit-booking of recent sharp gains, supported by reports of normal sowing and losses in the global edible oil markets. However, gains were noticed later as fresh buying again picked up. The current supply situation of edible oils is tight because of limited crushing of domestic oilseeds and dip in imports in April and May. India’s imports of edible oils in April and May were below 3,50,000 tonnes and The imports in June too are expected to be only around 3,50,000 tonnes.



Traders were of the opinion that monthly sale of 1 lakh tonne of subsidized edible oil by Government from July, would not be able to improve the supply situation of edible oils and bring down its price.



Meanwhile, the sowing of khariff oilseed was reported to be proceeding at normal pace ahead of previous year. The Weather Watch report released by the Ministry of Agriculture estimated that 1.03 lakh hectares was covered under soybean as on 20th June against 0.24 lakh hectares and 1.01 lakh hectares covered at the corresponding date in 2007 and 2006 respectively. 41,000 hectares were reported to have been covered as on 13th June 2008.



Groundnut sowing was lagging behind 2006 levels with 2.37 lakh hectares covered on June 20th against 1.89 and 3.97 lakh hectares covered at the same time in 2007 and 2006. However, quick progress was noticed over the past week with only 81,000 hectares covered as on 13th June.



The most active July soybean contract at National Commodity Derivatives Exchange [NCDEX] closed higher at Rs. 2,672.00 [+ 7.00] per 100 kg with 75,820 tonnes traded. July soybean at National Board of Trade [NBOT] ended down at Rs. 2,676.00 [+ 7.50] per 100 kg.



July CPO at Multi Commodity Exchange of India closed higher at Rs. 517.80 [- 1.30] per 10 kg with 3,090 tonnes traded.



The US soy complex closed down on continued correction as favorable weather outlooks remained for late soybean plantings. A leading sector of striking Argentine farmers said it will stop road blocks by midnight Saturday, which too added to the negative sentiments.



July soybeans settled 13 cents lower at $15.32 1/2, and November soybeans ended 12 1/2 cents lower at $15.09. July soymeal settled $7.80 lower at $411.70 per short ton. July soy oil finished 24 points lower at $63.88 cents per pound.



Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed down with benchmark September contract settling at MYR 3,551.00 [- 49.00] a tonne. [MYR=Malaysian Ringitt]



MUSTARD SEED



Mustard seed futures closed mixed with only the active July contract closing lower. The far-month contracts closed higher with market expecting the demand to strengthen and strain the supply with the commencement of the festival season in August. However, profit-booking led to July contract closing down.



Most active mustard seed July futures on NCDEX closed lower at Rs. 651.30 [- 2.35] per 20 kg with 1,21,940 tonnes traded. Other contracts closed higher.



The regional markets closed marginally up with August contract at Sirsa and Hapur settling at Rs. 569.20 [+ 0.10] and Rs. 622.70 [+ 0.20] per 20 kg respectively.



CASTOR SEED



Castor seed futures closed lower with profit-booking of the sharp gains made in the previous two sessions being seen. The reports that delay in rainfall has delayed the sowing of castor seed in Andhra Pradesh was confirmed by the Weather watch Reports released by the Ministry of Agriculture. Only 4000 hectares was covered under castor seed as on 20th June 2008 against 17,000 hectares covered at the corresponding time last year. No sowing was reported from Andhra Pradesh.



Castor seed July contract closed lower at Rs. 565.30 [- 0.60] per 20 kg with 850 tonnes traded.



The regional markets too closed down with September contract at Rajkot settling at Rs. 2,910 [- 13.00] per 100 kg.




Copyright © Television Eighteen Commoditiescontrol.com Ltd. All rights reserved.

Maharashtra soybean plant rates - June 21
21 Jun 2008 1:26 pm

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

Kirti
Krishnur
2760

Kirti
Solapur
2805

Kirti
Latur
2770

Tina
Latur
2770

Srinivasa
Nanded
2710

Kohinoor
Nanded
2720

Saismaran
Nanded
2700

New Mah
Dhulia
2775

Disan
Dhulia
2775

Sanjay soya
Dhulia
2775

Radhakrishna
Sangli
2775

Rajaram
Sangli
2750

Chakan
Sangli
2750

Bhakti exp
Jalna
2760

Shivparvati
Hingoli
2680

Siddharth
Akola
2700

Bhaskar
Amravati
2700

Bhaskar
Nagpur
2700

kargil
Nagpur
2675

Shamkala
Bhandara
2700

Tanya
Nagpur
2715



Copyright © Television Eighteen Commoditiescontrol.com Ltd. All rights reserved.

Spot Soya oil prices - June 21

21 Jun 2008 12:57 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 21/06/08 20/06/08
Min Max Min Max
Mumbai 670 671 672 673
Indore 673 674 675 676
*Akola 690 691 695 696
Alwar 704 705 704 705
*Amravati 690 691 695 696
Bharatpur 704 705 704 705
Bundi 701 702 707 708
Chennai 683 684 690 691
*Kolkata 716 717 718 719
Hyderabad 680 681 675 676
*Jalana 692 693 695 696
Kakinada 685 686 680 681
Kandla 680 681 680 681
*Kanpur 710 712 710 712
*Latur 695 696 700 701
Manglore 678 679 678 679
*Nagpur 705 706 710 711
*Nandad 694 695 698 699
Rajkot 668 670 665 670
*Solapur 695 696 698 699

India calls for crude oil price restriction to trading band
23 Jun 2008 10:27 am

New Delhi - Oil producing and consuming countries should restrict trading price of crude within a band to curb sharp the spikes that threaten to derail economic growth of developing nations, Finance Minister P Chidambaram told said an energy conference in Jeddah.

"Consuming countries must guarantee that oil prices will not fall below an agreed level and producing countries must guarantee that oil prices will not rise above a guaranteed level," Chidambaram was quoted as saying in a statement issued late Sunday by the ministry.

"In the band between these two levels, let prices be determined by market forces," the statement quoted him as saying at the conference.

Chidambaram, who blamed the recent spurt in crude oil prices to speculative trading, warned that nations across the world will be hurt if the global economy slows due to high oil prices.