It was the turn of the edible oils to enjoy the fortunes as all the constituents benefited during the day. The one commodity that benefited most was mustard seed futures that settled marginally higher, mainly tracking the domestic soy seed futures. Soy seed futures settled moderately higher, tracking gains in CBOT and DCE soy markets. But demand in the cash market is still weak ahead of a good summer crop but overall bullish sentiments have driven the market throughout the day. The cash market demand is recovering and crushers are comfortable in terms of crush margin, as soymeal prices are also roaring up.
Spices failed to make a mark for the second day and most of the spices were remaining range bound. Pepper looks uncertain in the short run, as the uncertainty that prevails over the held up stocks lying with Marketfed is likely to bring new twists to the equation as the anticipation reaches new highs. The reports that add further fire to the equation are that of huge stock piled up in one of the exchange.
Courtesy: Geojit Commodities Ltd