Informist, Wednesday, Aug 11, 2021

By Kaushal Verma

NEW DELHI – Futures contracts of all components of the edible oil basket on domestic exchanges rose sharply today.

* The August contract of SOYBEAN hit the 6% upper circuit at 9,250 rupees per 100 kg on the National Commodity and Derivatives Exchange, as the government cut production estimates, analysts said.

* The farm ministry in its fourth advance estimates today, cut the output estimate of soybean crop to 12.6 mln tn from 13.4 mln tn pegged in the third advance estimates. 

* Gains in soybean contracts on the Chicago Board of Trade also boosted sentiment on NCDEX, traders said.

* REFINED SOYOIL on the NCDEX and CRUDE PALM OIL on the Multi Commodity Exchange of India edged higher, tracking bullishness on global bourses, traders said.

* Futures contracts of crude palm oil on Bursa Malaysia settled higher, on reports of lower production in the southeast Asian country, analysts said.

* MUSTARD futures closed higher on NCDEX following strong demand from crushing plants, traders said.

Following are highlights of trade in edible oil markets today:

* At 1900 IST

--September contract of soybean was up 6.0% at 8,075.0 rupees per 100 kg on NCDEX

--September contract of refined soyoil was up 1.6% at 1,373.0 rupees per 10 kg on NCDEX

--August contract of crude palm oil was up 2.8% at 1,167.2 rupees per 10 kg on MCX

--September contract of mustard was up 2.6% at 7,753.0 rupees per 100 kg on NCDEX

End

Edited by Pranav S. Joshi

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