Downward trend in oil-oilseed prices
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An unnamed government official has reported that an increase in the import duty on palm and palmolein is being considered to help domestic rapeseed farmers.
The declining trend continued in the Delhi oil-oilseed market on Monday as mustard oil-oilseed and soyabean oil continued to fall, while groundnut oil-oilseed, soybean oilseed, crude palm oil (CPO) and palmolein oil remained at the previous level. . Sources in the know of the market said that there is currently a declining trend in Malaysia and Chicago Exchange. Sources said that in the last about two months, the price of palm oil abroad has increased by $ 70-80 per tonne.
An unnamed government official has reported that an increase in the import duty on palm and palmolein is being considered to help domestic rapeseed farmers. Sources said that palm and palmolein do not have much effect on our indigenous soft oils and of course the intention to reduce their prices is justified. Sources said palm oil prices have increased by $70-80 per tonne in the last about two months, which reflects an increase of Rs 6-7 per kg. While the prices of sunflower and soybean oil have decreased by $ 200-300 per tonne during the same period.
Two months ago, the spread between soybean and sunflower oil and CPO and palmolein oil on the other hand was $450 a tonne, which has now come down to $120 a tonne in case of sunflower and $200-210 a tonne in case of soybean oil. Sources said that if the concern about the consumption of indigenous oil-oilseeds like mustard is real, then as a rule, the import duty should be increased on imported sunflower and soybean oil, affecting domestic soft oils, and not on palm and palmolein, which are mostly consumed by low-income groups. People or small businessmen or restaurant-hotels use it. Sources said that the maximum retail price to be decided by the retail oil companies
If attention is paid to the price (MRP), then many confusions of the oil-oilseed business and consumers will end automatically and consumers will be in a position to take proper advantage of the fall in global prices. Sources said that there is a decline in mustard oil-oilseeds after the arrival of the new mustard crop and prices falling below the minimum support price (MSP) at many places. Soybean oil prices also declined due to weak demand amid glut of cheap imported oils.
On the other hand, soybean oilseeds prices remained at the previous level due to local demand for de-oiled cake (DOC). CPO and palmolein oil also remained at their previous levels owing to sustained demand being relatively cheaper. The prices of oil-oilseeds on Monday were as follows: Mustard oilseeds – Rs.5,395-5,445 (42 percent condition rate) per quintal. Groundnut – Rs.6,825-6,885 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,700 per quintal. Groundnut refined oil Rs 2,560-2,825 per tin.
Mustard oil Dadri – Rs 11,250 per quintal. Mustard Pakki Ghani – Rs 1,775-1,805 per tin. Sarson Kachi Ghani – Rs 1,735-1,860 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 11,980 per quintal. Soybean Mill Delivery Indore – Rs 11,550 per quintal. Soybean oil Degem, Kandla – Rs 11,300 per quintal. CPO X-Kandla – Rs 9,080 per quintal.
Cottonseed Mill Delivery (Haryana) – Rs 9,970 per quintal. Palmolin RBD, Delhi – Rs 10,550 per quintal. Palmolin X- Kandla – Rs 9,640 (without GST) per quintal. Soybean grain – Rs 5,310-5,440 per quintal. Soybean loose – Rs 5,050-5,070 per quintal. Maize Khal (Sariska) – Rs 4,010 per quintal.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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