Indonesia reduced export duty on crude palm oil, most oil-oilseed prices fell
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Groundnut oilseeds, soybean oil, crude palm oil (CPO) and palmolein oil traded marginally lower, while mustard oilseeds, soybean oilseeds and cottonseed oil traded marginally lower on fears of higher imports of edible oils following the decision to reduce export duty. Oil prices closed at the previous level.
Indonesia on Saturday decided to reduce export duty on crude palm oil, a day after Russia reduced export duty on sunflower oil on Friday. This will be effective from June 1. Due to this, most of the edible oil oilseeds prices saw a decline on Saturday. Groundnut oilseeds, soybean oil, crude palm oil (CPO) and palmolein oil traded marginally lower, while mustard oilseeds, soybean oilseeds and cottonseed oil traded marginally lower on fears of higher imports of edible oils following the decision to reduce export duty. Oil prices closed at the previous level.
Sources said that Indonesia’s crude palm oil was sitting idle in the global markets. To change this situation, Indonesia has reduced the export duty, so that it can become competitive in the global market. After this decision, there was a slight decline in oil prices due to the possibility of increasing import of cheap oil in the country. The arrival of mustard seed in Delhi’s Najafgarh mandi has come down from 800 bags to 300-400 bags. Mustard is selling at 15 per cent less than the support price of Rs 5,450. The support price of sunflower seed is Rs 6,400 per quintal, while it is not being sold even for Rs 4,500.
The government will have to take a decision considering the interests of farmers, consumers and the oil industry. Mustard cake was sold at Rs 2,200 per quintal last year. Due to non-operation of mills this year, this price has gone up to Rs 2,650. Its effect will be seen on the prices of milk. Sources said the MRP of sunflower oil was Rs 196 per liter on April 4 and that of soyabean oil was Rs 180 on May 3. Accordingly, farmers should get Rs 7,500 for sunflower, Rs 6,500 for soyabean and Rs 7,000 for mustard. The prices of oil-oilseeds on Saturday were as follows: Mustard oilseeds – Rs.4,850-4,950 (42 percent condition rate) per quintal.
Groundnut – Rs.6,370-6,430 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,000 per quintal. Groundnut refined oil Rs 2,400-2,665 per tin. Mustard oil Dadri – Rs 9,280 per quintal. Mustard Pakki Ghani – Rs 1,585-1,665 per tin. Sarson Kachi Ghani – Rs 1,585-1,695 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 9,650 per quintal. Soybean Mill Delivery Indore – Rs 9,450 per quintal. Soybean oil Degem, Kandla – Rs 8,000 per quintal.
CPO X-Kandla – Rs 8,400 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 8,350 per quintal. Palmolein RBD, Delhi – Rs 9,500 per quintal. Palmolin X- Kandla – Rs 8,550 (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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