Select edible oils extend losses on muted demand

Falling trend in select edible oil prices remained unabated for another week at the wholesale oils and oilseeds market following shrinking demand from retailers and vanaspati millers against sufficient stocks on increased supplies from producing belts.
Castor oil in the non-edible section also fell further on reduced offtake by consuming industries.
Traders said, besides easing demand from retailers and vanaspati millers, adequate stocks position on increased supplies from producing regions, mainly kept prices of select edible oils lower.
Moreover, rising mercury that adversely affects demand and a weak trend overseas also dampened the sentiment to some extent, they said.
In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 200 to Rs 10,400 per quintal.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils also declined by Rs 50 each to Rs 8,200 and Rs 6,550 per quintal, respectively.

Tracking a weak trend overseas, palmolein (RBD) and palmolein (Kandla) oils moved down by Rs 100 each to Rs 5,450 and Rs 5,500 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and shed Rs 50 each at Rs 6,650 and Rs 6,350 per quintal, respectively.
Grains: Weak conditions prevailed at the wholesale grains market during the week as prices of rice basmati and wheat drifted lower on reduced offtake against ample stocks position.

However, maize and bajra prices edged up on scattered demand from consuming industries.
Traders said fall in demand against adequate stocks position mainly pulled down rice basmati prices.
They said reduced offtake by flour mills against persistent supplies from producing regions kept pressure on wheat prices.
Meanwhile, government's wheat procurement has gone up by 13.74 per cent to 119 lakh tonnes (LT) so far in the 2017-18 marketing year on higher purchases from Punjab and Haryana.
Although wheat marketing year runs from April to March, the bulk of procurement is done in the first three months. Procurement commenced early this year, from March 15, in some states like Madhya Pradesh.

Food Corporation of India (FCI) as well as state agencies undertake procurement operation at the minimum support price (MSP). They have set a target to buy 330 LT wheat this year as against 229.6 LT in 2016-17.
In the national capital, rice basmati common and Pusa- 1121 variety settled lower at Rs 8,200-8,300 and Rs 6,700- 7,900 from previous week's levels of Rs 8,600-8,700 and Rs 7,000-8,300 per quintal, respectively.
Wheat dara(for mills) also eased by Rs 20 to Rs 1,720- 1,730 per quintal. Atta chakki delivery followed suit and eased by a similar margin to Rs 1,730-1,735 per 90 kg.

Atta flour mills and maida too shed Rs 10 each at Rs 940 -950 and Rs 980-990 per 50 kg respectively in line with wheat trend.
Pulses: Trading pattern remained unaltered for another
week at the wholesale pulses market as prices of most of the pulses slided further by up to Rs 500 per quintal on fall in demand from retailers against ample stocks position on the back of increased supplies from producing belts.
Marketmen said, adequate stocks position in the market following increased supplies from producing regions against easing demand from retailers, mainly kept pressure on pulses prices.
In the national capital, masoor small and bold plunged to Rs 4,200-4,500 and Rs 4,250-4,600 from previous levels of Rs 4,600-4,900 and Rs 4,650-5,000 per quintal, respectively. Its dal local and best quality traded lower by Rs 400 each to Rs 4,700-5,200 and Rs 4,800-5,300 per quintal, respectively.

Malka local and best quality followed suit and tumbled by Rs 500 each to Rs 5,000-5,200 and Rs 5,100-5,300 per quintal.
Moong and its dal chilka moved down by Rs 200 each to Rs 5,200-5,400 and Rs 5,700-5,900 per quintal. Its dal dhoya local and best quality enquired lower by a similar margin to Rs 6,300-6,800 and Rs 6,800-7,000 per quintal.
Arhar and its dal dara variety moved down by Rs 250 and Rs 200 to Rs 4,250 and Rs 6,200-8,000 per quintal.
Urad and its dal chilka dropped to Rs 5,500-7,000 and Rs 6,000-6,100 from previous levels of Rs 5,900-7,500 and Rs 6,500-6,600 per quintal. Its dal best quality and dhoya eased to Rs 6,100-6,600 and Rs 6,500-6,700 against last close of Rs 6,600-7,100 and Rs 7,000-7,200 per quintal,respectively.

In line with the overall trend, moth and kabuli gram small variety drifted lower by Rs 400 and Rs 200 at Rs 3,450- 3,850 and Rs 9,800-10,100, per quintal, respectively.
Gram too slipped to Rs 5,550-6,500 from previous level of Rs 6,000-6,500 per quintal. Its dal local and best quality declined by Rs 200 each to Rs 6,900-7,200 and Rs 7,300-7,400 per quintal.
Sugar: Continuing its falling streak, sugar saw a fall of up to Rs 50 per quintal at the wholesale market in the capital during the week following ample position of stocks on persistent supplies from mills, triggered by government's decision to extend stock limits for another six months.

Market players said sweetener prices remained under pressure for the second straight week on measures announced by the government allowing duty-free import of raw sugar up to 5 lakh tonnes till mid-June and extension of sugar stock limits till October 2017 to boost availability in the market and curb rising sweetener prices.
Coming to the price section, sugar mill delivery M-30 and S-30 declined further by Rs 50 each to end the week at Rs 3,530-3,630 and Rs 3,520-3,620 per quintal.
In the millgate section, sugar Kinnoni dipped by Rs 50 to Rs 3,630, Mawana lost Rs 45 to Rs 3,595, followed by Dorala and Dhampur by Rs 40 each to Rs 3,590 and Rs 3,560 per quintal.

Sugar Budhana, Thanabhavan and Dhanora slipped by Rs 35 each to end the week at Rs 3,605, Rs 3,600 and Rs 3,615, while Asmoli, Simbholi, Sakoti, Khatuli and Chandpur fell by Rs 30 each to Rs 3,610, Rs 3,620, Rs 3,570, Rs 3,610 and Rs 3,570 per quintal.
Prices of Nazibabad and Modinagar slid by Rs 15 each to Rs 3,535 and Rs 3,585, followed by Ramala, Morna and Baghpat that eased by Rs 10 each to Rs 3,540, Rs 3,545 and Rs 3,550, while Anupshaher shaded Rs 5 to Rs 3,535 per quintal.
On the other hand, sugar ready M-30 and S-30 prices attracted retailers attention and moved up by Rs 50 each to conclude the week at Rs 3,870-3,930 and Rs 3,860-3,920 per quintal.