Mustard oil-oilseeds, decline in soybean oil

Amid glut of imported sunflower and soybean oil, oil-oilseed prices continued to fall once again on Wednesday. Mustard oil-oilseeds, soybean oil, crude palm oil (CPO) and palmolein and cottonseed oil prices declined in the Delhi oil-oilseeds market amid growing concerns over consumption of domestic oil-oilseeds, while soybean oilseeds, groundnut oil- The prices of oilseeds remained at the previous level.

Sources in the know of the market alleged that the attitude or attitude of some of the leading oil organizations of the country towards the current oil business is worrying. At least they should give the correct information to the government on the glut of cheap imported soft oil in the oil market and on the condition of non-consumption of domestic oil-oilseeds. Sources said that about a year and a half ago, when the price of sunflower oil used to be $ 1,400 per tonne, an import duty of 38.5 per cent was applicable, but at present, when the price of sunflower oil has come down to $ 1,025 to $ 1,030 per tonne, the import duty is applicable. is nil (under quota system).

How ironic is this? If the cost of our country oil will be Rs 120-125 per litre, then how will it be compared to sunflower which costs Rs 87 per litre? At least the major oil organizations of the country should warn the government about the adverse consequences of this situation and ask them to increase the import duty on such edible oils with immediate effect as soon as possible. If this does not happen, then it would be better to give up the idea of ​​being self-sufficient in oilseed production. The silence about the serious phase the oilseed farmers and the country’s oil industry is going through is worrying.

Sources said that another paradox is seen that the prices of imported edible oils are on the ground but consumers are being forced to buy the same oils in the market at almost double the price. Sources said that if the government imposes import duty on these imported oils, then the country will also get fodder for livestock and indigenous oil and oilseeds will also be consumed in the market, due to which the country’s oil mills will run and farmers will also be saved from ruin. Sources said all this contradiction is happening in a country which is dependent on imports to the extent of almost 60 per cent of its needs.

He said that in the futures trade today, cottonseed oil futures once again saw a rise of 1.22 per cent in April contract. The arrival of cottonseed in the market has also decreased from 1.5 lakh bales earlier to about 78,000 bales. Sources said that once the situation gets out of hand, it would be very difficult to handle it. A direct example of this can be given from sunflower. The government has increased its minimum support price (MSP) significantly but its production is not increasing.

If the current situation continues, a similar situation can be seen in the case of other oil-oilseeds as well. The prices of oil-oilseeds on Wednesday were as follows: Mustard oilseeds – Rs.5,240-5,290 (42 percent condition rate) per quintal. Groundnut – Rs.6,780-6,840 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,600 per quintal. Groundnut refined oil Rs 2,540-2,805 per tin. Mustard oil Dadri – Rs 10,800 per quintal. Mustard Pakki Ghani – Rs 1,695-1,765 per tin. Sarson Kachi Ghani – Rs 1,695-1,815 per tin.

Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 11,200 per quintal. Soybean Mill Delivery Indore – Rs 11,050 per quintal. Soybean oil Degem, Kandla – Rs 9,550 per quintal. CPO X-Kandla – Rs 8,600 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 9,450 per quintal. Palmolein RBD, Delhi – Rs 10,200 per quintal. Palmolein X- Kandla – Rs 9,20 0 (without GST) per quintal. Soybean grain – Rs 5,225-5,375 per quintal. Soybean loose – Rs 4,985-5,035 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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