Select edible oils extend weakness low demand

The downtrend in select edible oils continued unabated for the second straight week at the wholesale oils and oilseeds market remained owing to muted demand from vanaspati millers and retailers and recorded fall up to Rs 200 per quintal.
Castor oil in the non-edible section, drifted further on reduced offtake by consuming industries.
Traders said slackened demand from vanaspati millers and retailers against adequate stocks position on higher supplies from growing regions, mainly kept pressure on select edible oil prices.
Meanwhile, India's palm oil imports rose by about 10 per cent to 8,73,592 tonnes in November on account of sluggish global prices and zero export duty by Indonesia and Malaysia, industry body Solvent Extractors Association (SEA)said.

India, the world's leading vegetable oil buyer, had purchased 7,96,587 tonnes of palm oils in November last year.
In the national capital, groundnut mill delivery (Gujarat) oil shed Rs 50 at Rs 9,050 per quintal, while groundnut solvent refined held steady at Rs 1,700-1,750 per tin.

Sesame and cottonseed mill delivery (Haryana) oils fell by Rs 200 and Rs 50 each to Rs 7,600 and Rs 5,800 per quintal respectively. Mustard expeller (Dadri) oil declined by Rs 100 to Rs 8,900 per quintal.
Mustard pakki and kachi ghani oils traded Rs 50 each lower at Rs 1,500-1,550 and Rs 1,550-1,650 per tin, respectively.

Palmolein (rbd) and palmolein (Kandla) oils were also down by Rs 50 each to Rs 5,400 and Rs 5,350 per quintal, respectively.
Bucking the trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) found selective buying from retailers and finished higher Rs 100 each to Rs 6,700 and Rs 6,400 per quintal, respectively.
Grains: Weak conditions continued to prevail at the
wholesale grains market during the week as prices of rice basmati and a few other commodities further on the back of low demand amid sufficient stocks positions.
However, wheat edged up on mild demand from flour mills amid reports of a decline in its sowing.

Wheat sowing is down by 11 per cent so far in the ongoing Rabi season at 239.45 lakh hectare. Wheat acreage stood at 268.26 lakh hectares in the year-ago period.
Traders said adequate stocks position on higher supplies from producing belts against subdued demand led to the fall in rice basmati and a few other grain prices.
In the national capital, rice basmati common and Pusa 1121-variety eased further to Rs 5,800-5,900 and Rs 4,400-5,100 against last week's levels of Rs 6,000-6,100 and Rs 4,500-5,300 per quintal, respectively.
Other bold grains like bajra and maize also slipped to Rs 1,370-1,375 and Rs 1,650-1,660 from previous close of Rs 1,425-1,430 and Rs 1,700-1,710 per quintal, respectively.

Jowar yellow and white too fell to Rs 1,550-1,650 and Rs 3,050-3,150 against last close of Rs 1,600-1,700 and Rs 3,100-3,200 per quintal, respectively.
Pulses: There has been no change in the pattern of
trading at the wholesale market during the week as most of pulses led by arhar continued their slide largely on ample stocks following improved supplies, supported by a series of steps taken by the government including curbs on hoardings of stocks to check spiralling prices and offloading of siezed stocks in the markets.
Moreover, pick up in sowing of pulses and fall in demand at prevailing levels too weighed on prices.

Marketmen said ample stocks in the market after various steps including curbs on hoarding of pulses stocks by the government, mainly kept pressure on pulse prices.
Over 93,500 tonnes of pulses seized from hoarders have been offloaded in the retail markets, the government said adding that this will help curb prices of lentils further.
Pulses prices have declined from the peak of Rs 200 per kg in October to Rs 180 per kg at present in most retail markets due to various government measures including curbs on hoarding of pulses stocks.
Sowing of pulses has gone up slightly so far to 123.70 lakh hectare against 122.26 lakh hectare in the corresponding period of last Rabi season, according to an official release.

Higher acreage of pulses could boost production and lead to softening of prices in the retail markets.
In the national capital, arhar plunged to Rs 9,800 from previous level of 10,500 per quintal, while its dal dara variety edged up to Rs 13,500-15,000 from last close of Rs 11,500-14,500 per quintal.
Urad and its dal chilka drifted by another Rs 200 each to Rs 9,000-10,000 and Rs 10,100-10,300 per quintal, respectively. Its dal best quality and dhoya followed suit and traded lower by a similar margin to Rs 10,200-10,800 and Rs 10,600-11,000 per quintal, respectively.
Moong and its dal chilka local shed Rs 50 each at Rs 7,000-7,600 and Rs 7,600-8,000 per quintal, respectively.

Its dal dhoya local and best quality enquired lower by the same margin to Rs 7,950-8450 and Rs 8,450-8,650 per quintal, respectively.
Masoor small and bold slipped by Rs 100 each to Rs 5,500-6,500 and Rs 5,550-6,550 per quintal, respectively. Its dal local and best quality fell by Rs 100 each to Rs 6,700-6,900 and Rs 6,800-7,000 per quintal.
Malka local and best quality followed suit and eased to Rs 6,700-7,000 and Rs 6,800-7,000 against last close of Rs 6,900-7,300 and Rs 7,000-7,500 per quintal, respectively.
In line with overall trend, kabli gram small variety drifted by Rs 100 to Rs 5100-7500 per quintal.

Gram, gram dal local and best quality too dropped to Rs 5,000-5,550, Rs 5,200-5,500 and Rs 5,400-5,700 as compared to previous levels of Rs 5,175-5,625, Rs 5,350-5,650 and Rs 5,550-5,850 per quintal, respectively.
Sugar: Sugar prices rose for the third straight week at
the wholesale market with prices soaring by up to Rs 200 per quintal, supported by rising demand from bulk consumers amid pause in supplies by millers.
Sugar prices have risen by almost Rs 500 per quintal in the past three weeks.
Sentiments were also buoyed following passage of sugar cess bill ceiling from Rs 50 to Rs 200 per quintal in the Lok Sabha and it may be passed in the Rajya Sabha, traders said.

Furthermore, pick up in export demand as government did mandatory for sugar mills to export at least 4 million tonnes in the current crushing season to reduce stockpiles supported the uptrend.
Prices of sugar ready M-30 and S-30 on the back of day-to-day buying activity, climbed by Rs 130 each to end the week at Rs 3,180-3,360 and Rs 3,170-3,350 per quintal, respectively.
Mill delivery M-30 and S-30 prices also surged a similar margin of Rs 130 each to settle the week at Rs 2,920-3,200 and Rs 2,910-3,190 per quintal.
In the millgate section, sugar Sakoti, Asmoli and Chandpur prices were up by Rs 200 each at Rs 3,060, Rs 3,200 and Rs 3,060 per quintal.
Simbholi and Khatuli shot up by Rs 140 each at Rs 3,180 and Rs 3,150, while Kinnoni by Rs 130 at Rs 3,200 per quintal.
Sugar Mawana, Thanabhavan, Budhana, Dhanora, Dorala, Dhampur, Baghpat and Nazibabad shot up by Rs 120 each to Rs 3,090, Rs 3,080, Rs 3,090, Rs 3,080, Rs 3,090, Rs 3,070, Rs 2,930 and Rs 2,920 per quintal, respectively.
Jaggery: Firm conditions continued unabated at the
wholesale gur (Jaggery) market during the week in the national capital following paucity of stocks amid winter season demand, recording a gain of Rs 100 per quintal.
Muzaffarnagar and Muradnagar gur markets also displayed a firm trend during the period and prices went up by Rs 150 per quintal on thin supplies.
According to marketmen, fall in supplies following adverse weather conditions along with strong winter season demand, mainly supported the upside in prices.
Persistent rise in sugar prices also positively impacted trading sentiments, they said.
In Delhi, gur Pedi Dhayya and Shakkar improved further by Rs 100 each to end the week at Rs 2,900-3,000, Rs 3,000-3,100 and Rs 3,100-3,200 per quintal.
Meanwhile, gur Chakku prices remained unchanged at previous week's closing levels of Rs 2,700-2,800 per quintal.
At Muzaffarnagar, the gur Laddoo prices improved by Rs 150 at Rs 2,550-2,700 per quintal.
While, Chakku and Khurpa prices gained up to Rs 75 per quintal to end at Rs 2,500-2,750 and Rs 2,400-2,450 as compared from previous week's close of Rs 2,425-2,750 and Rs 2,350-2,400.
Gur rasket rose by Rs 50 to Rs 2,400-2,450 per quintal on brisk demand from beer and cattle-feed makers.
In Muradnagar, gur Pedi and Dhayya prices advanced from previous week's close of Rs 2,450-2,500 and Rs 2,500-2,550 to close at Rs 2,550-2,600 and Rs 2,600-2,650, revealing a profit of Rs 100 each per quintal.