Oil-oilseeds market continues to decline
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Sources in the know of the market said that there is currently a declining trend in Malaysia and Chicago Exchange. Sources said that the price of unprocessed soft oil – rice bran oil – in the country is Rs 80 a litre. While the price of imported sunflower oil has remained at Rs 89 a liter at the port.
Oil-oilseeds prices continued to decline in the Delhi oil-oilseeds market on Tuesday amid a weak trend overseas and a fall in mustard, soybean oil-oilseeds, crude palm oil (CPO) and palmolein and cottonseed oil prices was recorded. On the other hand, the prices of groundnut oil and oilseeds remained at the previous level. Sources in the know of the market said that there is currently a declining trend in Malaysia and Chicago Exchange. Sources said that the price of unprocessed soft oil – rice bran oil – in the country is Rs 80 a litre. While the price of imported sunflower oil has remained at Rs 89 a liter at the port.
While the price of imported soybean oil has remained Rs 91 per litre. Why does no one speak about this situation? Why is the concern of the people limited only to increasing the duty difference between palm and palmolein oil? Citing examples of higher education and edible oil, Prime Minister Narendra Modi while addressing the tenth webinar on the budget said, “We have to see which are the areas where we can save the country’s money by creating capacity in India itself.” ‘
Sources said that the country’s major oil organizations will have to work keeping this objective in mind and the government will have to provide correct information from time to time, keeping in mind what incentives or protection farmers need. Sources said that we have to pay special attention to ‘soft oil’ like sunflower and soybean which affect indigenous oil-oilseeds. Their feelings are broken. The market is full of imported oil and what can be more ironic than this, if the oilseeds produced by the farmers here in India and the edible oil made from it are not in a position to be consumed in the market, depending on imports for about 60 percent of its requirement.
Sources said that the price of sunflower seeds in the country is Rs 6,400 per quintal at MSP (mandi cost and Vardana separately) and its oil costs us Rs 135 a liter after crushing. While the price of imported sunflower oil is Rs 89 a litre. There is no taker for this indigenous sunflower oil which costs Rs 6,400 a quintal even at Rs 4,200 a quintal. This situation can harm the domestic oil industry and farmers, but many experts have kept silence about it.
Sources said that about two months ago, the price of sunflower oil was costlier than crude palm oil (CPO) by about Rs 40 per liter. It has now come down to just Rs 10-12 a liter costlier. This situation calls for the imposition and increase of import duty on all soft oils and calls for immediate action. Sources said that after Holi, the arrival of mustard in the mandis may increase to 14-15 lakh bags, which was around 10 lakh bags today. If the existing cheap imported oils are not controlled, even two lakh gunny bags of mustard will not be consumed.
Sources said that the decision to procure mustard from cooperative Nafed is less likely to yield expected results. At the time of next mustard sowing after the goods have been sent to the NAFED godown, many rumors can be heard in the market like speculators sometimes selling on behalf of NAFED, sometimes breaking the price. One way out of these tangles would be to impose import duty on imported sunflower and soybean oil to the maximum extent. The prices of oil-oilseeds on Tuesday were as follows: Mustard oilseeds – Rs.5,370-5,420 (42 percent condition rate) per quintal.
Groundnut – Rs.6,825-6,885 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,700 per quintal. Groundnut refined oil Rs 2,560-2,825 per tin. Mustard oil Dadri – Rs 11,150 per quintal. Mustard Pakki Ghani – Rs 1,765-1,795 per tin. Sarson Kachi Ghani – Rs 1,725-1,850 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 11,900 per quintal. Soybean Mill Delivery Indore – Rs 11,500 per quintal. Soybean oil Degem, Kandla – Rs 11,200 per quintal.
CPO X-Kandla – Rs 9,050 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 9,950 per quintal. Palmolein RBD, Delhi – Rs 10,500 per quintal. Palmolin X- Kandla – Rs 9,550 (without GST) per quintal. Soybean seed – Rs.5,300-5,430 per quintal. Soybean loose – Rs 5,040-5,060 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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