Mixed trend prevails in oil market

A mixed trend prevailed at the wholesale oil and oilseeds market during the week as select edible oils edged up on scattered demand from vanaspati millers and retailers, while a few others turned weak on adequate stocks position.
In the non-edible section, castor oil also showed some weakness due to reduced offtake by consuming industries.
Marketmen said pick up in demand from vanaspati millers and retailers against tight stocks position on restricted supplies from producing belts mainly led to rise in select edible oil prices.
They said adequate stocks against subdued demand kept pressure on other edible prices.
Meanwhile, India's palm oil imports fell by 27.54 per cent to 6,57,454 tonnes in May, in view of higher stock availability and sluggish summer demand, industry body Solvent Extractors Association (SEA) said.

India, the world's leading vegetable oil buyer, had imported 9,07,347 tonnes of palm oil in May last year.

In the national capital, groundnut mill delivery (Gujarat) oil remained in demand and advanced by Rs 200 to Rs 11,800 per quintal, while groundnut solvent refined remained steady at Rs 1,900-1,950 per tin.
Mustard expeller (Dadri), sesame mill delivery and cottonseed mill delivery (Haryana) oils were also up by 100 each to Rs 8,200, Rs 7,700 and Rs 6,200 per quintal respectively.
On the other hand, palmolein (RBD) and palmolein (Kandla) oil fell by Rs 100 each to Rs 5,750 and Rs 5,800, while crude palm oil (ex-kandla) traded at previous level of Rs 4,350 per quintal, respectively.

Soybean refined mill delivery (Indore) and soybean degum (Kandla) oils followed suit and shed Rs 50 each to Rs 6,700 and Rs 6,400 per quintal, respectively.
Grains: An upward trend in wheat prices remained unabated
for the fourth straight week at the wholesale grains market in the national capital on the back of increased offtake by flour mills and stockists.
Rice basmati and a maize also firmed up on rising demand against fall in arrivals from producing belts.
Traders said increased offtake by flour mills and stockists mainly kept wheat prices higher.
Meanwhile, the government on Friday decided to extend 25 per cent import duty on wheat to curb inward shipments as domestic output is estimated to have gone up by nine per cent despite drought.

In the national capital, wheat dara (for mills) advanced by Rs 20 to 1,800-1,805 per quintal. Atta chakki delivery followed suit and edged up to Rs 1,810-1,815 from Rs 1,795-1,800 per 90 kg.
Atta flour mills, maida and sooji also settled higher at Rs 960-970, Rs 1,020-1,030 and Rs 1,070-1,080 from previous levels of Rs 950-960, Rs 990-1,000 and Rs 1,050-1,060 per 50 kg, respectively in line with wheat trend.
In the rice section, rice basmati common and Pusa-1121 variety seen in demand and rose by Rs 100 each to Rs 5,800-6,000 and Rs 4,700-5,650 per quintal respectively.
Non-basmati rice permal raw, wand, sela and IR-8 in line with rice basmati trend also settled higher at Rs 2,000-2,050, Rs 2,175-2,250, Rs 3,000-3,050 and Rs 1,870-1,880 as compared to previous levels of Rs 1,975-2,025, Rs 2,150-2,225, Rs 2,800-2,900 and Rs 1,840-1,850 per quintal respectively.

Pulses: In a holiday-shortened week, prices depicted
both side movements as gram and arhar dropped on weakening demand against sufficient stocks while urad and kabuli gram saw traction among retailers at the wholesale market.
Traders said that besides fall in demand, ample stock position on improved supplies from producing regions mainly pulled down gram and arhar prices.
They said mild demand from retailers led to rise in urad and kabuli gram prices.
Meanwhile, the government has procured or contracted for imports about 14.66 lakh tonnes of pulses to create a buffer stock.
In the national capital, gram slipped to Rs 5,300-5,450 from the previous level of Rs 5,550-5,700 per quintal. Its dal local and best quality lost Rs 300 each at Rs 6,100-6,400 and Rs 6,500-6,600 per quintal, respectively.

Arhar and its dal dara variety also declined by Rs 100 each to Rs 4,550 and Rs 6,500-8,300 per quintal, respectively.
On the other hand, urad and its dal chilka local moved up by Rs 200 each to Rs 6,500-7,400 and Rs 6,700-6,800 per quintal. Its dal best quality and dhoya followed suit and traded lower by a similar margin to Rs 6,800-7,300 and Rs 7,200-7,400 per quintal.
Kabuli gram small variety also went up by Rs 100 to Rs 9,300-9,600 per quintal.
Elsewhere, moong, masoor, moth and rajmah chitra moved in a narrow range in limited deals and were pegged at previous week's levels.