Most oil-oilseed prices decline despite rally overseas
Despite the rise in foreign markets, the prices of edible oilseeds continued to fall in Delhi on Thursday and most of the oilseeds closed showing losses.
Despite the rise in foreign markets, the prices of edible oilseeds continued to fall in Delhi on Thursday and most of the oilseeds closed showing losses. On the one hand, mustard, groundnut, soybean oil-oilseeds declined, while crude palm oil (CPO), palmolein and cottonseed oil prices remained at their previous levels due to low business enquiries. Market sources said that due to cheap imported edible oils, indigenous mustard, groundnut, soyabean, sunflower crops are not being consumed in the mandis and the oil crushing mills which are running anyway are at a loss. That’s why there is a fall in these oil oilseed prices.
Now there is less inquiry in imported crude palm oil (CPO) and palmolein oil as well, due to which the prices of these oils have closed at the previous level. Cottonseed oil price has also fallen below CPO, so it remained at previous level due to weak business. The Malaysia Exchange was up 2.5 percent while the Chicago Exchange did not move much and closed with a correction last night. Sources said that in the hope of getting good prices, the farmers have fulfilled their responsibility by increasing the production of oilseeds, but as before, it is the responsibility of the government to get better prices.
noThe closed authorities should have taken such decisions in time that ‘dumping’ of cheap imported edible oils could not happen in the country and such a situation should have been created so that the domestic oilseed farmers would get a higher price than the cost of their produce. But at such a time, when the prices of edible oils started falling abroad, the consignment of cheap imports started increasing under the quota system, due to which the situation of consumption of indigenous oilseeds in the market turned completely upside down.
He also said that despite the instructions of the government, so far the maximum retail price (MRP) of edible oils has not been reduced so much that it can be said that the consumers are getting the appropriate benefit of the fall in global prices. Sources said that the price of oil cake has also increased. This price has increased from Rs 2,200 a quintal earlier to Rs 3,600 today. The prices of oil-oilseeds on Thursday were as follows: Mustard oilseeds – Rs.4,855-4,955 (42 percent condition rate) per quintal. Groundnut – Rs.6,400-6,460 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,040 per quintal.
Groundnut refined oil Rs 2,410-2,675 per tin. Mustard oil Dadri – Rs 9,300 per quintal. Mustard Pakki Ghani – Rs 1,590-1,670 per tin. Sarson Kachi Ghani – Rs 1,590-1,700 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 9,680 per quintal. Soybean Mill Delivery Indore – Rs 9,480 per quintal. Soybean oil Degem, Kandla – Rs 8,030 per quintal. CPO X-Kandla – Rs 8,450 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 8,350 per quintal. Palmolin RBD, Delhi – Rs 9,600 per quintal. Palmolin X- Kandla – Rs.8,600 (without GST) per quintal. Soybean seed – Rs 5,080-5,155 per quintal. Soybean loose – Rs 4,855-4,935 per quintal. Maize Khal (Sariska) – Rs 4,010 per quintal.
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