Mixed trend in oils, oilseeds market

Mixed trend prevailed at the wholesale oils and oilseeds market during the past week as select edible oils strengthened on increased buying by millers amid a firming global trend, while a few others remained weak on adequate stocks position.

Few oils in the non-edible section also eased owing to slackened demand from consuming industries.

Buying activity in select edible oils picked up as palm oil showed strength in Malaysia, on prospects of improved demand, and as crude oil gained on signs of increasing fuel use in the US, the biggest consumer.

Meanwhile, palm oil futures for delivery in July climbed 2.4 per cent to $1,101 a tone this week on the Malaysia Derivatives Exchange, rebounding from a four-month low on April 15.

Besides, selective buying by millers and retailers for the coming marriage season further fuelled the uptrend in select edible oil prices.

In the national capital, soyabean refined mill delivery (indore) and soyabean degum (Kandla) rose Rs 20 each to Rs 6,170 and Rs 5,820 per quintal, respectively.

Palmolein RBD and Palmolein (Kandla) were also seen in demand and advanced by Rs 20 each to Rs 5,770 and Rs 5,470, respectively, while crude palm oil (ex-Kandla) edged up by Rs 10 to Rs 5,210 per quintal.

On the other hand, mustard expeller (Dadri) oil declined by Rs 50 to Rs 5,400 per quintal. Its mustard pakki and kachi ghani oils shed Rs 10 each to Rs 760-915 and Rs 915-1,015 per tin, respectively.

Similarly, sesame mill delivery shed Rs 30 to Rs 6,200 and cottonseed mill delivery (Haryana) oils declined by Rs 50 to Rs 5,500 per quintal.

However, groundnut mill delivery (Gujarat) oil remained stable at Rs 8,000 per quintal, while groundnut solvent refined and coconut oils hovered around the previous levels of Rs 1,350-1,360 and Rs 1,600-1,660 per tin, respectively.

In the non-edible section, linseed oil declined by Rs 50 to Rs 4,600 per quintal due to lack support from paint industries.

Neem oil lost Rs 50 to Rs 4,000-4,100 per quintal on reduced enquiries from soap and other consuming units, while castor oil shed Rs 50 at Rs 8,550-8,650 per quintal.

GRAINS: The wholesale grains market ended on a mixed note during the past week as wheat and its product prices declined on adequate stocks amid reduced offtake. A few others including rice basmati moved up on increased demand from consuming units.

Adequate stocks following supply pressure from the producing belts against reduced offtake by flour mills led to decline in wheat prices.

In the national capital, wheat dara (for mills), which is mostly consumed by flour mills, fell by Rs 30 to Rs 1,180-1,185 per quintal.

Atta chakki delivery followed suit and traded lower by the same margin at Rs 1,200-1,205 per 90 kg. Likewise, maida and sooji shed Rs 20 each to Rs 730-760 and Rs 800-820 per 50 kg, respectively.

In the rice section, rice basmati Pusa-1121 variety declined by Rs 50 to Rs 4,500-5,500 per quintal.

On the other hand, bajra rose Rs 40 to Rs 1,000-1,010, and jowar yellow and white gained Rs 30 each to Rs 1,030-1,105 and Rs 1,855-1,905 per quintal, respectively.

Maize also traded in a positive zone with a gain of Rs 30 to Rs 1,380-1,390 per quintal.

PULSES: Prices of moong and other pulses declined at the wholesale market during the week under review on emergence of stockists selling against adequate stocks position.

Traders said selling by stockists against sluggish demand at existing higher levels mainly kept pressure on the select wholesale pulses prices.

Adequate stocks position on increased arrivals from the producing regions, too, fuelled the downtrend, they added.

Meanwhile, the state-owned trading firm MMTC invited bids for import of 37,000 tonnes of pulses for sale in the domestic market.

Moong dal lost Rs 500 to Rs 4,000-5,000 per quintal, while its dal chilka lost Rs 400 to Rs 5,000-5,400 per quintal.

Likewise, Moong dal dhoya local and best qualities fell by Rs 400 each to Rs 5,300-5,500 and Rs 5,900-6,100 per quintal, respectively.

Masoor small and bold also declined by Rs 150 each to Rs 3,050-3,250 and Rs 3,200-3,450, respectively.

Its dal local and best quality traded lower by the same margin to Rs 3,600-3,700 and Rs 3,900-4,200 per quintal, respectively. Lobia lost Rs 200 to Rs 4,500-5,000 per quintal.

Urad and its dal chilka local shed Rs 100 each to Rs 3,950-4,350 and Rs 4,850-5,250 per quintal, respectively.

Similarly, its dal best quality and dhoya declined by the same margin to Rs 5,350-5,850 and Rs 5,300-5,400 per quintal.

SUGAR: The wholesale sugar market revealed an almost easy trend in the national capital during the week on adequate stocks position following steady inflow of supply from mills matched with the better summer seasonal demand.

Market analysts said bumper sugarcane crop this year advised millers to off-load their pending stocks at the wholesale market.

Enough stocks position to meet the ongoing summer season demand from bulk consumers such as ice-cream and soft-drink making industries mainly held prices at the last week’s levels.

Sugar ready medium and second grade price maintained the last week’s closing levels of Rs 2,960-3,060 and Rs 2,950-3,050 per quintal, respectively.

Similarly, mill delivery medium and second grade price ruled flat throughout the week at Rs 2,750-2,925 and Rs 2,725-2,900 per quintal, respectively.

Among millgate excluding duty section, sugar Titab, Dorala and Mawana traded almost unchanged at Rs 2,850, Rs 2,840 and Rs 2,845 per quintal, respectively.

JAGGERY: Gur prices rose by Rs 100 per quintal in the national capital during the week under review due to shortage of supply against rising demand.

Market analysts said less availability of sugarcane, as farmers preferred to sell to millers for a better yield caused the fall in production and reduced the supply.

They added supply of sugarcane shifting to local juice makers also influenced the trading sentiment to some extent.

At the Muzaffarnagar and Muradnagar gur markets, the commodity showed a similar rising trend as gur prices rose by up to Rs 200 per quintal on better offtake.

In Delhi, gur dhayya and shakkar prices went up by Rs 100 each to close at Rs 2,650-2,700 and Rs 2,700-2,800 per quintal, respectively.

Gur pedi and chakku prices also gained by Rs 50 each to Rs 2,550-2,600 and Rs 2,350-2,400 per quintal, respectively.

At Muradnagar, the prominent gainer was gur dhayya which shot up by Rs 200 to Rs 2,500-2550 per quintal, while gur pedi was asked higher at Rs 2,250-2,350 against the last week’s close of Rs 2,150-2,250 per quintal.

In Muzaffarnagar, gur khurpa was quoted higher from Rs 2,050-2,100 to Rs 2,100-2,150 per quintal, while gur raskat moved up by Rs 25 to Rs 1,900-2,000 per quintal, on better offtake by beer making industries.

However, gur chakku maintained the last week’s levels of Rs 2,050-2,250 per quintal on some support.

DRY FRUITS: Almond and cashew prices declined at the wholesale dry fruits market during the week under review, mostly due to fall in demand from local traders and stockists amid adequate stocks. Increased arrivals from the producing belts also put pressure on the prices.

Sentiments turned bearish following fall in demand from stockists and retailers due to off-season amid increased supplies.

Almond California prices fell by Rs 50 to finish at Rs 9,750 per 40 kg, while its kernel traded lower by Rs 2 at Rs 338-348 per kg. Almond girdhi prices also traded lower at Rs 2,650-2,700 per 40 kg.

Cashew kernel (No 180, 210, 240 and 320) prices fell by Rs 5 each to settle at Rs 620-630, Rs 580-585, Rs 515-520 and Rs 435-455 per kg, respectively, on subdued demand. Pistachio peshawari prices also fell by Rs 25 to finish at Rs 1,225-1,275 per kg.

On the other hand, copra prices rose Rs 100 to close at Rs 7,500-7,600 per quintal.

Kishmish Kandhari local and special surged up by Rs 1,500 to settle at Rs 9,000-9,500 and Rs 13,500-26,500 per 40 kg, respectively, supported by tight supply from Afghanistan.

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