Improvement in soybean, cottonseed oil: Soybean oilseeds fall due to weak DOC demand.
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Cottonseed oil along with soybean oil prices witnessed an improvement in the country’s oilseeds markets on Saturday due to lower imports of edible oils, especially soft edible oils like soybean and sunflower oil, and supply disruptions due to geopolitical tensions in West Asia. Got it. On the other hand, soybean oilseeds declined due to weak demand for de-oiled cake (DOC) abroad. Mustard, groundnut oil, oilseeds, crude palm oil (CPO) and palmolein oil prices closed at their previous levels amid normal trading. Market sources said that with increase in consumption, import of edible oils should have also increased like last year. During November-December, 2022, 31,11,669 tonnes of oils (edible and non-edible) were imported, which declined by 21 percent to 24,72,276 tonnes in November-December, 2023.
There is also a possibility of supply being affected due to the tense situation in West Asia and it takes 40-45 days for soybean oil to arrive at the country’s ports. In such a situation, despite the fall in the prices of edible oils abroad, there was no impact on the country’s markets. This shows that due to less imports, the stock of edible oils in the country is less. Edible oils like sunflower and soybean are in short supply. With winter ahead, the demand for wedding season is also going to increase. In such a situation, the problem of supply of edible oils may increase. This needs attention. This situation also underlines the need to increase the production of indigenous oilseeds.
A major oil company of the country is selling a 770 gram pouch of palmolein oil at a maximum retail price of Rs 85. According to this, the price of palmolein oil is Rs 120 per kg. Whereas the import price of palmolein is only Rs 85 per kg. Palmolein oil is used more by poor people and they are forced to bear the burden of this increased cost. Sources said that oil organizations should pay attention to this aspect. Along with this, instead of focusing only on reducing wholesale prices, the government will also have to take care of the retail selling prices. The prices of oil and oilseeds on Saturday were as follows: Mustard oilseeds – Rs 5,415-5,465 (42 percent condition price) per quintal.
Groundnut – Rs 6,665-6,740 per quintal. Groundnut Oil Mill Delivery (Gujarat) – Rs 15,750 per quintal. Groundnut refined oil Rs 2,350-2,625 per tin. Mustard Oil Dadri – Rs 10,025 per quintal. Mustard Pakki Ghani- Rs 1,710 -1,805 per tin. Mustard Kachchi Ghani- Rs 1,710 -1,810 per tin. Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal. Soybean Oil Mill Delivery Delhi – Rs 10,075 per quintal. Soybean Mill Delivery Indore – Rs 9,825 per quintal. Soybean oil Degum, Kandla – Rs 8,325 per quintal.
CPO ex-Kandla – Rs 7,900 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 8,525 per quintal. Palmolein RBD, Delhi – Rs 9,100 per quintal. Palmolein Ex- Kandla – Rs 8,350 (without GST) per quintal. Soybean grain – Rs 5,005-5,035 per quintal. Soybean loose – Rs 4,815-4,855 per quintal. Maize cake (Sariska) – Rs 4,050 per quintal.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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