Edible oil, oilseed prices firmed up last week

Edible oil, oilseed prices firmed up last week


Sources in the know of the market said that the prices of CPO and Soybean in the foreign markets were much lower, in which there has been improvement in the week under review. But the price of sunflower oil, which has been imported in abundance in the country, remains below the CPO even today.

New Delhi. Last week, prices of almost all edible oils and oilseeds showed firmness in the Delhi oil-oilseed market due to a slight improvement after the prices of edible oils went down in foreign markets. Besides domestic oils like mustard, soybean, groundnut oil-oilseeds and cottonseed oil-oilseeds, crude palm oil (CPO) and palmolein also closed with gains over the previous weekend. Sources in the know of the market said that the prices of CPO and Soybean in the foreign markets were much lower, in which there has been improvement in the week under review. But the price of sunflower oil, which has been imported in abundance in the country, remains below the CPO even today. Soybean degum oil, which was earlier priced at $1,060-1,070 per tonne, has now improved to $1,110-1,120 per tonne.

The price of sunflower oil is still about $ 70 below soybean oil and there are no buyers. Sources said that it is surprising that the government had given exemption for duty free import so that the consumers get the edible oil cheaper by about Rs. Selling after collecting. In the retail market, it is available to consumers at almost double the price. Sources said the country is getting fed up with cheap imported edible oils, possibly due to hesitation not to increase import duty ahead of general elections. During the meeting of oil organizations held in Jaipur, Rajasthan on March 13, during the seminar, it was said that in order to keep inflation in check, the system of determining the maximum retail price (MRP) should be improved and the responsibility for this will be on the oil organization ‘MOPA’ and Central Edible Oil Industry and Trade Organization (COOIT) has been given.

Sources said that SOPA has been continuously raising its voice to protect the interests of the country’s oil industry and farmers and has also written to Union Minister Piyush Goyal about the problems faced by the oil industry and farmers, apart from continuing curbs on futures trading. And these concerns have also been placed before the Farmers Welfare Minister Narendra Singh Tomar. SOPA says that if the situation is not controlled, farmers will shy away from cultivating oilseeds in future. Apart from this, the country’s oil mills are also facing losses in crushing indigenous oilseeds like mustard, soyabean, cottonseed, etc., because imported ‘soft oil’ like sunflower is available in the market in huge quantities at a much lower price than their cost. is available.

Sources said that for the last two years, the prices of imported oils were high, so soyabean and mustard were easily consumed and the farmers were encouraged by this and increased the production of oilseeds this time as well, which increased the production of mustard and soyabean. But after exemption of duty free import of edible oils in huge quantity and the prices of edible oils in foreign countries fell into the abyss, the situation turned completely upside down. It is notable that despite increasing the MSP of sunflower, there is no significant increase in the production of sunflower. Sources said the government would have to take a decision on whether to increase customs duty or import duty immediately and any delay could be detrimental. If the government is concerned about inflation, then about going back to the long-ago system of getting edible oils imported from private companies and processed and made available to the general public through the Public Distribution System (PDS) Must think

Sources said that if the current situation of cheap imports is not controlled, the problem of Shell and Die Cake (DOC) for cattle and poultry will increase in the country. For this reason, once again some milk companies have increased the price of milk on Saturday. It is noteworthy that the consumption of milk in the country is about six times more than edible oil and this can be a concern of rising inflation. According to sources, the wholesale price of mustard seed last week increased by Rs 265 to close at Rs 5,460-5,535 per quintal as compared to the previous weekend. During the weekend under review, Mustard Dadri oil rose by Rs 300 to close at Rs 10,950 per quintal. Mustard Pakki Ghani oil prices increased by Rs 35-35 to Rs 1,715-1,785 and Rs 1,715-1,835 tin (15 kg) respectively.

Sources said that due to very low selling by farmers at cheap prices, the wholesale prices of soyabean grain and loose also improved by Rs 220 and Rs 145, respectively, to close at Rs 5,360-5,535 and Rs 5,120-5,160 per quintal, respectively, during the week under review. Happened. Accordingly, the prices of Soybean Delhi, Soybean Indore and Soybean Degum oil improved by Rs 250, Rs 200 and Rs 350 respectively and closed at Rs 11,250, Rs 11,100 and Rs 9,600 per quintal respectively during the weekend under review. In the week under review, there was a firmness in the price of groundnut oil and oilseeds.

The price of groundnut oilseed improved by Rs 50 to close at Rs 6,815-6,875 per quintal. Groundnut oil Gujarat improved by Rs 120 to close at Rs 16,700 per quintal during the week under review, while groundnut solvent refined gained Rs 15 to close at Rs 2,545-2,810 per tin. Sources said crude palm oil (CPO) prices rose by Rs 450 to close at Rs 8,950 per quintal during the week under review. While the price of Palmolein Delhi increased by Rs 400 to close at Rs 10,400 per quintal. Palmolein Kandla also improved by Rs 550 to close at Rs 9,550 per quintal. In line with the general trend of improvement, cottonseed oil also closed at Rs 9,850 per quintal with an improvement of Rs 600 in the week under review.

Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.





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