Select edible oils extend weakness on low demand

Weak conditions continued unabated at the wholesale oils and oilseeds market during the week as prices of select edible oils drifted further lower owing to muted demand from retailers and vanaspati millers against sufficient stocks on higher supplies from producing belts.
However, cottonseed oil edged up on select enquiries.
In the non-edible section, castor oil traded lower on reduced offtake by consuming industries.
Traders said besides easing demand from retailers and vanaspati millers, ample stocks position on increased supplies from producing regions mainly kept pressure on select edible oil prices.
In the national capital, groundnut mill delivery (Gujarat) oil suffered the most by falling Rs 200 to Rs 10,000 per quintal.

Mustard expeller (Dadri) shed Rs 50 at Rs 7,950 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also declined by Rs 50 each to Rs 6,450 and Rs 6,050 per quintal, respectively.
Palmolein (RBD) and palmolein (Kandla) oils fell by Rs 50 each to Rs 5,600 and Rs 5,650 per quintal, respectively.
On the other hand, cottonseed mill delivery (Haryana) oil rose by Rs 50 to Rs 6,550 per quintal.
Grains: The wholesale grains market remained weak for the second straight week with prices of wheat and rice basmati sliding further on reduced offtake by flour mills and stockists against adequate stocks position.

However, barley moved up 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 weighed on rice basmati prices, they said.
In the national capital, wheat dara (for mills) eased by Rs 5 to Rs 1,730-1,735 per quintal. Atta chakki delivery followed suit and traded lower by a similar margin to Rs 1,735-1,740 per 90 kg.
In the rice section, rice basmati common and Pusa-1121 variety also dropped to Rs 7,100-7,200 and Rs 5,800-6,400 from previous levels of Rs 7,400-7,500 and Rs 6,000-6,800 per quintal.

On the other hand, other bold grains, barley went up to Rs 1,600-1,620 from previous level of Rs 1,565-1,585 per quintal.