Mumbai: Domestic edible oil and oil seed futures commenced the session with subdued note on July 20 due to the revival of rain across oilseeds growing regions.

The market failed to continue the upside rally that was seen for the last two consecutive sessions on firm international market. The major oilseeds growing states like Madhya Pradesh, Gujarat and Maharashtra are reported to receive enough rain during the last couple of session, appear congenial for sowing and normal development of soybean crop which are already sown. Good monsoon likely to weigh heavily on the soy seed market. Soy oil and mustard seed however may turn sideways for the next couple of session.

Palm oil open higher and closed in positive territory in first session of the market as most active October contract gained by MYR 31 to settle at MYR 2154 a tonne.

The August soybean contract on NCDEX trades marginally higher at Rs 2296.00 (+2.00) per 100 kg with 11610 lots traded. The market traded in a range of Rs 2292.5-2312 a quintal.

Mustard seed futures trades lower in unison with soy oil futures. Most active mustard seed August 2009 contract trades at Rs 538.20 (-1.45) per 20 kg with 16260 lots traded. The market however appeared sideways with range bound trading. The Mustard seed futures on Hapur exchange trades lower at Rs 523.50.00 (-1.20) per 20 kg.