Indian government decided to Increase the minimum support - Malek Commodities DWC - LLC

Indian government decided to Increase the minimum support prices of pulses and oil seeds. The jump in min prices is any where between 11% in Soybean seeds, 25% in pulses and about 13% in Paddy crops. This will help farmers to decide in advance which crop to plant and can be assured of their farm returns. This MSP announcement has little impact on the market as prices of soybeans are INR 3670 in exchange against the new MSP of 3710 per 100 KG. Internationally Palm and bean oil show softer tone and today we see more sellers. In Sunflower oil the story is same for old crop, not much sellers and buyers wait for 730-735 for july. Indians are not covered much for Aug Sept month and they will come to buy if we see slight correction in sun prices.  Today sunflower oil for Aug CIF India is 790 against bean oil CNF offered for same month at USD to 663 and spread of USD 127 in favour of bean oil. Import of soybean oil should increase and sunflower oil volumes to remain stagnant.

– Palm oil Market Close

Bmd: 1955 (-12)

H1959/L1938

Vol: 44,126

Oln:

Jul 495

Aug 495 trd 495

Sep 497.5 vs 492.5 trd 495

Ond 520 vs 515 trd 517.5-515

Jfm 550 vs 547.5 trd 548-547.5

Amj 567.5 vs 565 trd 565

Rbdpo: -5

Strn: Aug 477.5 (deld pg)

Pfad: Jul 357.5 (deld)

Local Cpo: Jul (pg) 1920

Indon cpo:

Jul 460

Aug 460

Sep 462.5

Ond 480

Jfm 517.5

Laurics:

Cpko: Jul 133

Rbdpko: Jul 635

Rbdpkoln: Jul 545

Rbdpks: Jul 775

Rm 4.135

– 6 ports Europe  Sfo we see opening jas 745 v ? ond 727.5 v 720 jfm 725 v 717.5 amj 735 jas 745

– Argie SBO Close

Trades: AS 3k @ +10 and OND 2k @ +20

AS +50/+10         $625/$617

OND /+20            -/$626

AM -110/-           $614/-

– Black Sea sunflower oil Aug 740 vs 725, Sept 735 vs 700, OND 692.50 vs 682.50 and JFM 690 vs 680

– Russian sunflower oil for near by July indicated USD 740 ( Russian oil too has improved in quality and offered India at slight discount of USD 5 ) -Spain offered USD 782.50

– Italy offered USD 780 vs —

– CIF India sunflower oil JA 790, Sept 785, and OND 750 indicatively

– Turkey offered at USD 780 vs —

– Currency INR 68.92, RM 4.13, Rub 63.49 and Euro 1.128