Mixed trend in oil and oilseeds prices

Amidst the boom in foreign markets, there was a mixed trend of business in the Delhi oil-oilseed market on Friday. On the one hand, mustard oil, oilseeds and cottonseed oil improved due to getting good prices, on the other hand, due to weak demand at higher prices, the prices of groundnut oil and oilseeds remained weak. Soybean oil-oilseeds, crude palm oil (CPO) and palmolein oil prices remained at the previous level due to higher imports and reduced offtake. Market sources said the Malaysia Exchange was up around 2.5 per cent and is closed for evening trading here on Friday. On the other hand, the Chicago Exchange is currently undergoing a correction.

Sources said that due to farmers getting better price for mustard today, its oilseeds prices have improved as compared to yesterday. But the reality is that despite the improvement, the price is below the Minimum Support Price (MSP). Due to the improvement in the price, the arrival of mustard from the farmers has also increased today. The arrival of mustard has increased to 700-800 bags in Najafgarh mandi today. But the farmers have got better prices i.e. Rs 4,700-4,800 per quintal. The crushing mills continue to suffer losses in crushing mustard due to cheap imported oils.

Today’s mustard prices show that farmers have given up hope of MSP and are consuming their produce after a marginal price hike. Overall the current situation does not bode well for the future. Sources said that the total production of cottonseed oil in the country is 11-12 lakh tonnes. While the production of mustard oil is about 45 lakh tonnes. When 11-12 lakh tonnes of indigenous cottonseed oil is not being consumed in front of imported cheap edible oil, i.e. crude palm oil (CPO), then where will mustard oil be consumed?

If the government does not take immediate action on this, the confidence of the farmers will be shaken for a long time and they will refrain from cultivating oilseeds. He said that if the government makes arrangements for oil companies to disclose their MRP on the portal in a month or 15 days, then it will have many benefits. Firstly, the rigging of fixing MRP arbitrarily by the packers will be curbed. Secondly, the availability of oilseeds will increase in the country, which will pave the way for cheaper milk prices. Export of Shell and Dieled Cake (DOC) will increase. Foreign exchange spent on edible oil import will be saved.

People will get employment. Sources said that the native sunflower crop will come in the market next month and there is concern about its consumption. There is a need to take immediate initiative on all these situations, otherwise there is a danger of having far-reaching consequences. The prices of oil-oilseeds on Friday were as follows: Mustard oilseeds – Rs.4,975-5,075 (42 percent condition rate) per quintal. Groundnut – Rs.6,550-6,610 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,350 per quintal. Groundnut refined oil Rs 2,445-2,710 per tin.

Mustard oil Dadri – Rs 9,550 per quintal. Mustard Pakki Ghani – Rs 1,625-1,705 per tin. Sarson Kachi Ghani – Rs 1,625-1,735 per tin. Sesame oil mill delivery – Rs.18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 9,880 per quintal. Soybean Mill Delivery Indore – Rs 9,650 per quintal. Soybean oil Degem, Kandla – Rs 8,150 per quintal. CPO X-Kandla – Rs 8,500 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 8,700 per quintal. Palmolin RBD, Delhi – Rs 9,850 per quintal. Palmolin X- Kandla – Rs 8,900 (without GST) per quintal. Soybean seed – Rs 5,200-5,250 per quintal. Soybean loose – Rs 4,950-5,030 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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