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Select edible oils decline as demand drops

Press Trust of India  |  New Delhi 

Mixed conditions continued unabated for the second straight week at the wholesale oils and oilseeds market as prices of select edible oils eased further owing to fall in demand against adequate stock position.

A few others, however, edged up on scattered demand from retailers.

Linseed and castor oils, in the non-edible section, ended lower on reduced offtake by consuming industries.

Traders said easing demand from vanaspati millers against adequate stocks position on increased arrivals from producing belts kept pressure on select edible prices, but mild demand from retailers helped a few others end marginally up.

Meanwhile, palm import rose 2.25 per cent to 7,52,632 tonnes in April on higher shipment of crude palm (CPO), industry body Solvent Extractors Association (SEA) said.

India, the world's leading vegetable buyer, had imported 7,36,036 tonnes palm in April 2016.

In the national capital, groundnut mill delivery (Gujarat) declined by Rs 100 to Rs 10,200 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) also fell by Rs 100 and Rs 50 to Rs 6,500 and Rs 6,100 per quintal, respectively.

On the other hand, mustard expeller (Dadri) edged up by Rs 50 to Rs 8,000 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils moved up by Rs 50 each to Rs 5,650 and Rs 5,700 per quintal respectively.

In the non-edible section, linseed dropped by Rs 200 to Rs 9,300 per quintal on muted demand from paint industries.

Castor shed Rs 50 to Rs 9,400-9,500 per quintal.

Grains: Prices of wheat and rice basmati fell at the

wholesale grains market during the week due to reduced offtake by flour mills and stockists against ample stocks position.

However, bajra and barley traded higher on pick-up in demand from consuming industries.

Traders said reduced offtake by flour mills against sufficient stocks position on persistent supplies from producing regions put pressure on wheat prices.

Muted demand against adequate stocks position weighed on rice basmati prices, they said.

In the national capital, wheat (desi) and wheat dara(for mills) slipped to Rs 2,100-2,345 and Rs 1,735-1,740 from previous levels of Rs 2,125-2,370 and Rs 1,750-1,755 per quintal respectively. Atta chakki delivery followed suit and eased to Rs 1,740-1,745 against last close of Rs 1,755-1,760 per 90 kg.

In the rice section, rice basmati common and Pusa-1121 variety also finished lower at Rs 7,400-7,500 and Rs 6,000-6,800 from previous week's levels of Rs 7,600-7,700 and Rs 6,200-7,000 per quintal, respectively.

On the other hand, other bold grains like bajra and barley rose by Rs 20 and Rs 15 to Rs 1,370-1,380 and Rs 1,565 -1,585 per quintal respectively.

Pulses: Weak conditions prevailed at the wholesale pulses market during the week with prices of select pulses led by urad dropping by up to Rs 350 per quintal owing to slackened demand from retailers against ample stocks position on the back of improved supplies from producing belts.

Marketmen said sufficient stocks position in the market following increased supplies from producing regions against easing demand from retailers, mainly dragged down select pulses prices.

Meanwhile, the government has created a buffer stock of 20 lakh tonnes of pulses and now it is grappling with the problem of distributing them, Food and Consumer Affairs Minister Ram Vilas Paswan said.

The buffer stock was created to manage price volatility through buying from local and overseas markets using the Price Stabilisation Fund.

In the national capital, urad suffered the most at Rs 5,300-6,500 from previous level of Rs 5,650-5,800 per quintal. Its dal chilka local, best quality and dhoya recorded a fall of Rs 300 each to Rs 5,600-5,700, 5,700-6,200 and Rs 6,100- 6,300 per quintal, respectively.

Moong eased to Rs 4,600-5,000 against last close of Rs 4,800-5,000 per quintal. Its dal chilka local, dhoya local and best quality were trading down by Rs 100 each to Rs 5,200- 5,400, Rs 5,800-6,300 and Rs 6,300-6,500 per quintal, respectively.

Masoor small and bold also enquired lower by Rs 100 each to Rs 4,000-4,300 and Rs 4,050-4,400 per quintal, respectively.Its dal local and best quality traded lower by a similar margin to Rs 4,500-5,000 and Rs 4,600-5,100 per quintal.

Malka local and best quality lost Rs 200 each at Rs 4,600 -4,800 and Rs 4,700-4,900 per quintal.

In line with the overall trend, arhar too shed Rs 50 at Rs 4,100 per quintal.

However, kabuli gram small variety and rajmah chitra moved in a narrow range in limited deals and pegged at the previous levels of Rs 9,600-10,400 and Rs 7,500-10,300 per quintal, respectively.

First Published: Sat, May 20 2017. 12:28 IST