Commodities

Soyabean, CPO trade lower on higher US bean crushings

Our Bureau | | Updated on: Dec 15, 2021

India is unlikely to export soyameal in next 2-3 months due to high price of domestic soyabean

Crude palm oil futures traded lower on the MCX

Soyabean and refined soyabean oil futures traded lower on the National Commodities and Derivatives Exchange (NCDEX) in the initial hour of trading on Wednesday morning. This was in line with the global trend where soyabean oil trended lower on record high crushing of beans in the US.

January soyabean futures were trading at ₹6,218 on NCDEX in the initial hour of Wednesday morning against the previous close of ₹6,277, down by 0.94 per cent; and December refined soyabean oil futures were trading at ₹1,166 on Wednesday morning against the previous close of ₹1,188, down by 1.88 per cent.

Market participants said farmers and traders are selling soyabean in limited quantities and holding back their stock expecting higher price for the commodity. In addition to this, there was an increase in the import of soyameal also. As a result of this, soyabean futures closed lower during the first two days of the week.

Even the crude palm oil (CPO) futures traded lower on the Multi Commodity Exchange (MCX) on Wednesday morning. The December CPO futures were trading at ₹1,058 in the initial hour of Wednesday morning as against the previous close of ₹1,087, down by 2.70 per cent.

Market participants are of the view that the price trends in the international markets and increase in the import of some oils are the reasons for the downtrend in edible oil prices.

The December natural gas futures were trading at ₹289.50 on MCX in the initial hour of trading on Wednesday morning as against the previous close of ₹284.70, up by 1.69 per cent.

The December guar gum futures were trading at ₹10,925 on NCDEX in the initial hour of trading on Wednesday morning as against the previous close of ₹10,855, up by 0.64 per cent.

Published on December 15, 2021
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