Agri Picks Report October 14, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's vegetable oil imports declined 30% on year to 1.09 million tonnes in September, the Solvent Extractors' Association of India said Friday. The vegetable oil imports in September consisted of 1.06 million tonnes of edible oils and 22,990 tonnes of non-edible oils, the association said. Edible oil imports in September fell 29% on year.India is the world's largest importer of edible oils. The edible oil year runs from November to October and the basket comprises crude and refined palm oils, crude soyoil, and sunflower oil. The cumulative import of vegetable oils in Nov -Sept, the first eleven months of the current oil year ending October, declined 6% to 14.78 million tonnes from 15.70 million tonnes during the same period of last year, the association said. The import of crude palm oil in September fell 39% on year to 432,510 tonnes, while refined, bleached and deodorised palmolein declined 35% to 84,279 tonnes. Crude sunflower oil imports in September declined 49% to 152,803 tonnes from 300,732 tonnes a year ago, the association said. However, imports of crude soyoil in September were up 7% on year at 384,382 tonnes. India imported palm oil from Indonesia, Malaysia, and Thailand, soyoil from Thailand, Argentina, Ukraine, Romania, Russia, and Brazil, sunflower oil from Russia, Ukraine, Romania, Brazil, and Argentina and refined, bleached and deodorised palmolein from Indonesia, Thailand, and Malaysia, the association said. As of Oct. 1, the total stock of edible oil available was estimated at 2.45 million tonnes, against 3.63 million tonnes a year ago. Of the 2.45 million tonnes, about 820,000 tonnes of edible oil was at ports and 1.63 million tonnes in the pipeline, the association said. • The National Commodity and Derivatives Exchange has dropped Ramgunjmandi in Rajasthan as an additional delivery centre for its coriander (symbol: DHANIYA) futures contracts from November, it said in a release. Kota in Rajasthan will continue as an additional delivery centre, and Gondal in Gujarat will continue to be the main delivery centre, the exchange said in a circular. This decision was taken on the basis of feedback received from market participants, it said. Additionally, NCDEX has decided to drop the INR 300 per 100 kg premium on delivery at Kota "to align the contract with the current market dynamics", NCDEX said in the circular. Currently, coriander futures contracts expiring in the months of October, November, December and January are available for trading and would continue to be traded as per the existing contract specification. The change will be applicable to coriander futures contracts for expiry from April 2025, with effect from Nov. 1, it said.

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14102024 - co