Mixed trend in edible oil-oilseed prices
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There was a mixed trend of business in the Delhi oil-oilseed market on Monday. Soybean oilseed prices improved on increased demand for crude palm oil (CPO) and palmolein and local de-oiled cake (DOC).
There was a mixed trend of business in the Delhi oil-oilseed market on Monday. Soybean oilseed prices improved on increased demand for crude palm oil (CPO) and palmolein and local de-oiled cake (DOC). On the other hand, mustard oil oilseeds, soyabean oil and cottonseed oil prices declined due to problems in availability of cheap imported oils under quota. The prices of groundnut oil oilseeds remained unchanged amid normal trading.
The Malaysia Exchange is closed for a holiday, while the Chicago Exchange is currently up 0.2 per cent. Market sources said that due to heavy import of sunflower and soyabean oil, domestic oil was not being consumed in the oilseeds market and due to this, the prices of mustard, soyabean oil and cottonseed oil fell. Due to normal business, the prices of groundnut oil remained at the previous level. Due to the local demand of DOC in the country, the price of soybean oilseed showed improvement.
There is a global demand for CPO and Palmolein due to being very cheap and that is why CPO and Palmolein prices closed strong. The prices of imported oils are so cheap that the ongoing sunflower sowing is at risk of being low. There is a demand from some oil organizations to impose import duty on CPO and Palmolein. CPO is mostly used in commercial use in the country or people of low income group also use this edible oil.
Light oils like soybean and sunflower have the most impact on the country’s oilseeds business and there is a need to control them. These soybean and sunflower oil are mostly consumed in the right income group and even if their prices increase slightly, there will be no special effect. But through this step, the way will be opened to consume the produce of indigenous oilseed farmers in the market, which will be beneficial for the indigenous oilseed industry.
Sources said that some stock of last year’s mustard is left and as per the estimates of a major oil body, the mustard production will be similar to last year. The stock of fresh soybean crop in the country is also around 90-95 lakh tonnes. If the price of oil with quota system remains low like this, then where and how will the stock of oil and oilseeds of the farmers be consumed? This is the real question. Sources said that to increase the import duty, there is a need to first look at soyabean and sunflower oil with quota system.
He said that due to consumption of indigenous oil in the market of oilseeds, we will get sufficient quantity of oil and de-oiled cake (DOC) for animal feed and poultry, due to which the prices of milk and eggs will reduce due to increased availability. On Monday, the prices of oil-oilseeds were as follows: Mustard oilseeds – Rs 5,955-6,005 (42 percent condition rate) per quintal. Groundnut – Rs.6,425-6,485 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 15,400 per quintal. Groundnut refined oil Rs 2,415-2,680 per tin.
Mustard oil Dadri – Rs 12,350 per quintal. Mustard Pakki Ghani – Rs 1,985-2,015 per tin. Sarson Kachi Ghani – Rs 1,945-2,070 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 12,250 per quintal. Soybean Mill Delivery Indore – Rs 11,950 per quintal. Soybean oil Degem, Kandla – Rs 10,400 per quintal. CPO X-Kandla – Rs 8,350 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 10,500 per quintal. Palmolin RBD, Delhi – Rs 9,950 per quintal. Palmolin X- Kandla – Rs 9,050 (without GST) per quintal. Soybean grain – Rs 5,420-5,500 per quintal. Soybean loose – Rs 5,160-5,180 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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