Select edible oils extend losses on fall in demand

In restricted activity, select edible oils extended losses for the third straight week at the wholesale oil and oilseeds market following fall in demand from retailers and vanaspati millers against ample stocks position.
Castor oil in the non-edible section, also finished lower on reduced offtake by consuming industries.
Traders said besides fall in demand from retailers, adequate stocks position mainly kept pressure on select edible oil prices.
Volume of business dropped considerably as stockists and retailers kept their activity restricted due to tight fund positions after the government in a surprise move, banned Rs 500 and Rs 1,000 currency notes in a bid to curb black money, they said.

In the national capital, groundnut mill delivery (Gujarat) oil remained under selling pressure and lost Rs 400 at Rs 10,400 per quintal, while groundnut solvent refined held steady at 1,700-1,800 per tin in limited deals.
Palmolein (rbd) and palmolein (Kandla) oils also fell by Rs 100 each to Rs 5,700 and Rs 5,750 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) too shed Rs 50 each to Rs 6,600 and Rs 6,300 per quintal respectively.
Grains: In thin trade, prices of rice basmati and other
bold grains moved up at the wholesale grains market due to uptick in demand.

However, wheat showed weakness as prices eased due to fall in demand at prevailing higher levels and ended lower.
Marketmen attributed the rise in rice basmati and a few other bold grain prices to upsurge in demand.
Trading activity remained restricted as enquiries from neighbouring areas remained negligible due to tight fund positions after the government in a surprise move, banned Rs 500 and Rs 1,000 currency notes in a bid to curb black money, they said.
Meanwhile, area sown for wheat, the main rabi crop, has gone up by 38 per cent to 25.72 lakh hectare in the ongoing rabi season, even as farmers wait for government's announcement of support price for rabi crops.

Wheat is the main rabi crop and sowing starts from October, with harvesting beginning in April.
As per the latest government data, wheat has been sown in 25.72 lakh hectare so far in the rabi (winter) season, as against 18.65 lakh hectare in the year-ago period.
In the national capital, rice basmati common and Pusa-1121 variety settled higher at Rs 5,600-5,700 and Rs 4,500-5,500 as compared to previous levels of Rs 5,500-5,600 and Rs 4,500-5,400 per quintal respectively.
Other bold grains like, barley and maize climbed to Rs 1,810-1,820 and Rs 1,560-1,570 from previous levels of Rs 1,570-1,675 and Rs 1,500-1,510 per quintal respectively.

Bajra, jowar yellow and white also edged up by Rs 50 each to Rs 1,450-1,455, Rs 1,800-1,850 and Rs 3,450-3,650 per quintal respectively.
On the other hand, wheat dara (for mills) fell by Rs 50 to Rs 2,100-2,105 per quintal.
Pulses: In thin trade, kabli gram prices edged up at the
wholesale pulses market during the week on mild demand from retailers.
However, moong prices ended lower on lack of buying support.
Elsewhere, other pulses moved in a narrow range in the absence of worthwhile activity and pegged at last week's levels.
Traders said mild demand from retailers helped kabli gram prices to end marginally higher.

Volume of business dipped as stockists and retailers kept their activity restricted due to tight liquidity after the government in a surprise move, banned Rs 500 and Rs 1,000 currency notes in a bid to curb black money.
In the national capital, kabli gram small variety edged up by Rs 100 to Rs 10,100-10,500 per quintal.
On the other hand, moong and its chilka local settled lower at Rs 5,100-5,600 and Rs 5,600-5,800 from previous week's levels of Rs 5,100-5,700 and Rs 5,600-5,900 per quintal respectively.