Select edible oils extend gains on rising demand

An upward trend continued unabated in select edible oils for yet another week at the wholesale oils and oilseeds market on increased buying by vanaspati millers to meet rising demand from retailers, driven by ongoing wedding season against tight stocks position.
Castor oil in the non-edible section, also showed some strength on increased offtake by consuming industries.
Traders said, increased buying by vanaspati millers to meet rising demand from retailers, triggered by ongoing wedding season against tight stocks position on fall in supplies from producing belts, mainly kept select edible oil prices higher.
Firming global trend also influenced the sentiment, they said.

Volume of business remained extremely poor largely due to prevailing cash crunch in the market following the government's move banning 500 and 1,000 rupee notes last month in a bid to flush out black money.
In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 10,200 per quintal, while groundnut solvent refined held steady at Rs 1,750-1,850 per tin.

Cottonseed mill delivery (Haryana) oil edged up by Rs 50 to Rs 6,750 per quintal.
Tracking firming global trend, palmolein (RBD) and palmolein (Kandla) oils also shot up by Rs 100 each to Rs 6,000 and Rs 6,050 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and edged up by Rs 50 each to Rs 6,800 and Rs 6,500 per quintal.
On the other hand, sesame mill delivery and mustard expeller (Dadri) oils moved in a narrow range in scattered deals and settled at previous levels of Rs 8,200 and Rs 8,700 per quintal.
Grains: Firm conditions prevailed at the wholesale grains
market during the week as prices of rice basmati and wheat firmed up on increased offtake against restricted supplies from producing regions.
A few other bold grains also went up on uptick in demand from consuming industries.

Traders said pick-up in demand from retailers against restricted supplies helped rice basmati prices to close higher.
They said increased offtake by flour mills led to the rise in wheat prices.
Volume of business remained thin in the face of prevailing crash crunch in the market following the government banning 500 and 1,000 rupee notes last month in a bid to flush out black money.
Meanwhile, government on Thursday reduced the import duty on wheat to zero from 10 per cent to improve domestic availability in the wake of rising prices and concerns about 2016-17 wheat crop in view of IMD's forecast of warmer winter.

In the national capital, wheat dara (for mills) edged up by Rs 20 to Rs 2,120-2,125 per quintal.
Atta chakki delivery followed suit and traded higher at Rs 2,130-2,135 from previous level of Rs 2,115-2,120 per 90 kg.
In the rice section, rice basmati common and Pusa-1121 variety rose by Rs 300 and Rs 150 to Rs 6,200-6,300 and Rs 4,850-6,050 per quintal, respectively.
Other bold grains like maize and barley too ended higher at Rs 1,580-1,590 and Rs 1,795-1,820 from previous levels of Rs 1,570-1,580 and Rs 1,775-1,800 per quintal, respectively.