Rapid improvement in oil-oilseed prices in foreign markets last week
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Sources in the know of the market said that the price of sunflower oil which was earlier $ 880 per tonne abroad has now increased to $ 980 per tonne. While the price of soybean oil has increased from around $ 1,025 per tonne to $ 1,100 per tonne.
New Delhi. After the improvement in the prices of edible oil prices abroad, almost all the oil-oilseeds prices in the Delhi oil-oilseed market closed last week with a profit as compared to the previous weekend. Sources in the know of the market said that the price of sunflower oil which was earlier $ 880 per tonne abroad has now increased to $ 980 per tonne. While the price of soybean oil has increased from around $ 1,025 per tonne to $ 1,100 per tonne. The reason for this rise is the rise in global buying due to low prices of these edible oils and dry weather in America. Sources said that there was a moderate increase in mustard against imported oils, as mustard is still being sold well below the minimum support price (MSP) in the mandis.
The government will have to pay enough attention to create a market for indigenous oil and oilseeds in the country. This will increase the confidence of oilseed farmers to consume their oilseed products and they will be motivated to increase their production by getting good prices. It is difficult to think of an alternative to mustard and it is produced only in India. No other edible oil-oilseed can take its place because people cannot use any other oil in place of mustard. Sources said that about a year and a half ago, for the purpose of providing cheap edible oil to the consumers, the experiment of distribution through ration shops by inviting tenders from edible oil processing mills in Uttar Pradesh was quite successful. Further efforts are needed in this direction.
Sources said mustard was consumed last year as its price was Rs 40 a kg less than imported sunflower oil. Due to this, 30-35 lakh tonnes of mustard was also refined and due to its cheapness, its consumption had increased a lot. Normally, 55-60 lakh tonnes of mustard is consumed in our country in a year. But this time imported sunflower oil as well as imported soybean oil is so cheap that high cost mustard is not able to be consumed in the mandis. Sources said that last year the Solvent Extractors Association (SEA) had released the export data of De-oiled Mustard Cake (DOC).
But this time the statistics of how much DOC was exported in May has not been released, which would show the status of mustard consumption in the mandis of the country. By the way, instead of SEA, these figures should have been given by the oil organization ‘MOPA’ which has a direct relation with mustard. The prices of soybean oil as well as its DOC have strengthened in the foreign markets. Along with this, farmers in the country are not selling at lower prices, which is the main reason for the improvement in soybean oil-oilseed prices. Sources said that due to good demand for exports, groundnut oil-oilseed prices also improved during the weekend under review as compared to the previous weekend.
He said that cottonseed oil prices also improved due to decrease in cottonseed arrivals. The arrival of cottonseed has come down to about 30-32 thousand bales as against about 1.5 lakh bales in the last month (May). Its arrival has remained negligible in Haryana, Punjab, Rajasthan. Crude Palm Oil (CPO), Palmolein, Sunflower, Soybean oils are also improving due to increase in the prices of cheap imported oils abroad. According to sources, the wholesale price of mustard seed last week closed at Rs 4,845-4,945 per quintal with a gain of Rs 105 as compared to the previous weekend. Mustard Dadri oil improved by Rs 260 to close at Rs 9,450 per quintal during the weekend under review.
Mustard seed oil and raw ghani oil also improved by Rs.35-35 and closed at Rs.1,605-1,685 and Rs.1,605-1,715 per tin (15 kg) respectively. Sources said that soybean grain and soybean loose prices improved by Rs 140-140 respectively to close at Rs 5,240-5,305 and Rs 5,005-5,080 per quintal during the week under review. During the weekend under review, the prices of Soybean Delhi, Soybean Indore and Soybean Degum oil improved by Rs 650, Rs 750 and Rs 450 respectively to close at Rs 10,300, Rs 10,000 and Rs 8,550 per quintal, respectively.
In line with a firming trend in edible oil prices, Groundnut Oilseeds, Groundnut Gujarat and Groundnut Solvent Refined prices rose by Rs 400, Rs 950 and Rs 140 respectively to Rs 6,625-6,685, Rs 16,550 and Rs 2,470-2,745 per tin respectively during the week under review. But closed. Crude palm oil (CPO) prices rose by Rs 450 to close at Rs 8,450 per quintal during the week under review after recovery in oil prices in Malaysia. Palmolein Delhi prices increased by Rs 250 to close at Rs 9,500 per quintal. On the other hand, Palmolein x Kandla gained Rs 300 to close at Rs 8,650 per quintal. Domestic cottonseed oil closed at Rs 9,100 per quintal, showing a gain of Rs 1,050 for the week under review due to a general improving trend and arrivals in the mandis.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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