Agri Commodities: Soybean, guar seed, coriander futures fall on weak demand – Economic Times

New Delhi: Soybean prices fell by Rs 5 to Rs 3,675 per quintal in futures trade Thursday as traders cut down their positions amid weak cues from physical markets.

At the National Commodity and Derivatives Exchange, soybean to be delivered in July contracts moved down by Rs 5, or 0.14 per cent, to Rs 3,675 per quintal with an open interest of 68,400 lots.

Soybean for delivery in August contracts also eased by Rs 8, or 0.22 per cent, to Rs 3,638 per quintal with an open interest of 47,890 lots.

The fall in soybean prices at futures trade was mostly due to reduction of exposure by participants, marketmen said.

Refined soya oil

Refined soya oil prices were up 0.09 per cent to Rs 745 per 10 kg in futures market Thursday as participants booked profits amid easing demand at the spot market against adequate stocks position.

On the National Commodity and Derivatives Exchange, refined soya oil for delivery in July contracts went up by 65 paisa, or 0.09 per cent, to Rs 745 per 10 kg with an open interest of 51,900 lots.

In a similar fashion, the oil for delivery in September contracts was up by a same margin to Rs 728.35 per 10 kg in 3,540 lots.

Analysts said widening of positions by traders driven by improved demand in physical markets against restricted supplies from producing belts mainly attributed the rise in prices.

Guar seed

Guar seed prices fell by Rs 26 to Rs 4,167 per 10 quintal in futures trade Thursday as investors cut down holdings, tracking a weak trend at the physical markets.

Marketmen attributed the fall in guar seed futures to soaring stocks on relentless supplies from producing areas amid withdrawal of support by guar gum makers.

At the National Commodity and Derivatives Exchange, guar seed contracts for July delivery traded lower by Rs 26, or 0.62 per cent, at Rs 4,167 per 10 quintal with an open interest of 81,460 lots.

Coriander

Coriander prices fell 1.02 per cent to Rs 6,820 per quintal in futures trade Thursday as participants cut down positions amid muted export demand.

Besides, rising arrivals from major producing regions and profit-booking at higher levels weighed on the sentiment.

On the National Commodity and Derivatives Exchange, coriander price for delivery in July contracts declined by Rs 70, or 1.02 per cent, to Rs 6,820 per quintal with an open interest of 19,980 lots.

On similar lines, coriander for August traded down by Rs 66, or 0.65 per cent, at Rs 6,913 . The open interest of the contract stood at 13,710 lots.

Guar gum

Guar gum prices rose by Rs 68 to Rs 8,345 per five quintal in futures trade Thursday amid upbeat export demand at physical markets.

On the National Commodity and Derivatives Exchange, guar gum contracts for July delivery traded up by Rs 68, or 0.81 per cent, at Rs 8,345 per five quintal with an open interest of 38,060 lots.

Guar gum contracts for August delivery also rose by Rs 72, or 0.84 per cent, to Rs 8,460 per five quintal, mirroring an open interest of 29,225 lots.

Cottonseed oil cake

Cottonseed oil cake prices fell 0.34 per cent to Rs 2,810 per quintal in futures trade Thursday as speculators offloaded their holdings in tune with a weak trend at the physical markets.

Marketmen said muted demand from cattle-feed makers kept pressure on cottonseed oil cake prices.

At the National Commodity and Derivatives Exchange, cottonseed oil cake contracts for July delivery fell by Rs 9.5, or 0.34 per cent, to Rs 2,810 per quintal with an open interest of 49,260 lots.

However, cottonseed oil cake contracts for August rose by Rs 6, or 0.22 per cent, to Rs 2,781 per quintal with a business turnover of 34,770 open lots.

Mustard seed

Mustard seed prices eased 0.13 per cent to Rs 3,943 per quintal in futures trade Thursday as participants cut down positions on muted cues from physical markets.

On the National Commodity and Derivatives Exchange, mustard seed contracts for July delivery fell by Rs 5, or 0.13 per cent, to Rs 3,943 per quintal with an open interest of 69,870 lots.

Mustard seed contracts for August also dipped by Rs 3, or 0.08 per cent, to Rs 3,958 per quintal, clocking an open interest of 35,730 lots.

Market analysts attributed the fall in mustard seed prices to offloading of bets by investors, triggered by a weak trend due to ample stocks.