Edible oil-oilseed prices break amid declining trend in foreign markets
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Except soybean oilseeds, the prices of mustard, groundnut oil-oilseed, soybean oilseed, crude palm oil (CPO) and palmolein and cottonseed oil declined in the country’s oil-oilseed market on Monday amid a declining trend overseas.
Except soybean oilseeds, the prices of mustard, groundnut oil-oilseed, soybean oilseed, crude palm oil (CPO) and palmolein and cottonseed oil declined in the country’s oil-oilseed market on Monday amid a declining trend overseas. Due to avoidance of selling at low prices by the farmers, the prices of soybean oilseeds remained at the previous level. Market sources said that the Malaysia Exchange is currently down while the Chicago Exchange is closed today.
Sources said that soyabean farmers had got Rs 6,800-7,000 a quintal for their oilseed produce in May last year, but this time it is being priced at Rs 5,100 in mandis, due to which farmers are avoiding selling and only Only needy farmers are selling their produce in small quantities. However, despite being lower than last year, the current price is higher than the minimum support price (MSP). Because of this, the prices of soybean oilseeds remained unchanged. But soybean oil prices have broken in line with the decline in other edible oils.
Sources said that it seems that the government is only concerned with the wholesale price, but who is going to take care of the fact that edible oil is being sold at a higher rate in retail? The oil crushing companies are in huge losses and their plight is getting worse. About 75 per cent of the mills have stopped operations or reduced their workforce. He said that if this condition continues, the country’s oil-oilseed business will come to a standstill and the country will have to depend only on imports for edible oils.
Undoubtedly, the wholesale prices of edible oils are falling on the ground, but in the retail market, sunflower oil is being sold at Rs 196 a litre, soyabean oil at Rs 180 a litre. Sources said that there was such a rise in the price of cotton seed oil in the futures market that an upper circuit had to be installed for it. The price of mustard oil which was Rs 2,200 a quintal last year has increased to Rs 2,650-2,700 a quintal this time due to non-operation of oil mills. He said that the price of milk has been increased several times in the last few months due to costlier oil cake, but does inflation not increase due to increase in the price of high consumption milk?
On the other hand, even a small increase in the price of edible oil adds to the problem, while the consumption of edible oil is very small compared to the per capita milk consumption. The consumption of milk and milk products is six-seven times more than that of edible oil. On Monday, the prices of oil-oilseeds were as follows: Mustard oilseeds – Rs.4,830-4,930 (42 percent condition rate) per quintal. Groundnut – Rs.6,350-6,410 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 15,980 per quintal. Groundnut refined oil Rs 2,395-2,660 per tin. Mustard oil Dadri – Rs 9,250 per quintal. Mustard Pakki Ghani – Rs 1,580-1,660 per tin.
Sarson Kachi Ghani – Rs 1,580-1,690 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 9,640 per quintal. Soybean Mill Delivery Indore – Rs 9,440 per quintal. Soybean oil Degem, Kandla – Rs 7,980 per quintal. CPO X-Kandla – Rs 8,350 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 8,340 per quintal. Palmolin RBD, Delhi – Rs 9,480 per quintal. Palmolin X- Kandla – Rs.8,530 (without GST) per quintal. Soybean grain – Rs 5,080-5,155 per quintal. Soybean loose – Rs 4,855-4,935 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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