Oil oilseeds market continues to decline

Oil oilseeds prices continued to decline in the Delhi oil-oilseed market on Monday. Due to increase in cheap imports, not only mustard, but imported oil also could not be consumed in the market, an all-round decline was seen in oilseeds. The prices of edible oils like Mustard, Soybean Oil Oilseeds, Crude Palm Oil (CPO) and Palmolein Oil and Cottonseed Oil declined while the prices of Groundnut Oil oilseeds remained unchanged. Market sources said that there is a slight correction of 0.75 – 0.75 percent on Malaysia and Chicago Exchange.

But the ups and downs of foreign countries are not having any significant effect now. Imports have become so much cheaper than before that now the demand for imported oils is also getting affected. Earlier sunflower was being sold below the minimum support price (MSP) but now mustard is also being sold below the MSP at various places. This is happening because there is no market for oil. Although some experts in the oil business believe that the market may improve in the next seven to eight days, but they are not giving any concrete logic behind it. Except in the event of an unforeseen disaster, if the current glut of cheap oils continues, how will any other oilseed like the new mustard crop be consumed in the market?

The reasons behind the speculation have not been disclosed. Apart from this, the country’s oil mills are in a bad condition as they are facing losses in crushing oilseeds like mustard. Even after crushing, such mills are not even in a position to sell about 200 tonnes of oil at cost, while lakhs of tonnes of soyabean and sunflower are being imported. Sources said the new MSP of mustard at Rs 5,450 per quintal would be effective from April 1. The price of the retail market can be known only by going to the market.

In the retail market, it is observed that consumers are being overcharged under the guise of Maximum Retail Price (MRP), which needs to be stopped. Sources said that while immediately reconsidering the decision of duty-free import of foreign oils, the government needs to create conditions for the consumption of indigenous oil oilseeds by stopping such exemption. This is necessary to make cattle feed and milk cheaper. The prices of oil-oilseeds on Monday were as follows: Mustard oilseeds – Rs.5,380-5,430 (42 percent condition rate) per quintal. Groundnut – Rs.6,775-6,835 per quintal. Groundnut oil mill delivery (Gujarat) – Rs 16,550 per quintal. Groundnut refined oil Rs 2,540-2,805 per tin. Mustard oil Dadri – Rs 11,080 per quintal. Mustard Pakki Ghani – Rs 1,800-1,830 per tin. Sarson Kachi Ghani – Rs 1,760-1,885 per tin. Sesame oil mill delivery – Rs 18,900-21,000 per quintal.

Soybean oil mill delivery Delhi – Rs 11,700 per quintal. Soybean Mill Delivery Indore – Rs 11,450 per quintal. Soybean oil Degem, Kandla – Rs 10,250 per quintal. CPO X-Kandla – Rs 8,850 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 10,100 per quintal. Palmolein RBD, Delhi – Rs 10,400 per quintal. Palmolin X- Kandla – Rs 9,430 (without GST) per quintal. Soybean grain – Rs 5,380-5,510 per quintal. Soybean loose – Rs 5,120-5,140 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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