Edible Oil Prices: Last week, amid the declining trend in foreign markets, the prices of all edible oils and oilseeds closed showing losses. During this period, there was a decline in the prices of mustard, groundnut, soybean oil-oilseeds, crude palm oil (CPO) and palmolein as well as cottonseed oil. Sources knowledgeable about the market said that the demand for these edible oils is already affected due to high prices of palm and palmolein. However, last week the price of these edible oils decreased from $ 1,240-1,245 per tonne in the previous week to $ 1,200-1,205 per tonne. After that, after increasing the import duty price of imported oils, the government has increased the exchange rates for imports. By combining these two, the cost of import has increased by Rs 150 per quintal.
Edible oil plants are not able to work at full capacity
It is already becoming difficult to consume palm and palmolein and after the increase in import duty price and exchange rate, if palm and palmolein will become more expensive, then its consumption will become even more impossible. He said that due to high prices the import of sunflower has reduced. Apart from this, import of palm and palmolein is also affected due to high prices. There is a need to consider from where and with which edible oil the shortage of these edible oils will be met. In this situation, even if the import of soybean oil increases slightly, it will not be enough to meet the demand. Sources said that edible oil plants in the country are not able to work at full capacity. Soybean is not arriving in the markets as per the increase in soybean production. Apart from cottonseed, there has been inflow of oilseeds like groundnut, soybean and mustard due to price distortion of cottonseed cake in futures trade and initially selling of cottonseed at a price below the Minimum Support Price (MSP) cost by the Cotton Corporation of India (CCI). has also been affected.
Prices of groundnut cake, soybean DOC weakened
This is because due to fall in the price of cotton seed, the prices of groundnut cake and soybean DOC have also weakened. Due to which the demand for soybean and groundnut oilseeds from oil plants has also been affected. The oil plant will benefit from purchasing and crushing them only when there is a demand for groundnut cake and soybean de-oiled cake (DOC) produced from these oilseeds and there will be a market for them. He said that the government will have to pay attention to creating a market for these shells and DOC or instead of soybean, purchase soybean DOC and stock it and try to increase exports. This time the production of cotton is also less, hence the Cotton Corporation of India (CCI) should also be instructed to stop selling cotton seed at a price below the cost, because in future, if there is any shortage of edible oils, cotton seed will be used to fulfill it. Can be used.
Latest prices of oil and oilseeds
As compared to the arrival of 2-2.35 lakh bales of cotton bales in the previous week, the arrival has reduced to 1 lakh 30-35 thousand bales in the week under review. Last week, the wholesale price of mustard seeds closed at Rs 6,525-6,575 per quintal with a loss of Rs 125. The wholesale price of Mustard Dadri oil fell by Rs 250 and closed at Rs 13,600 per quintal. Mustard Pakki and Kachchi Ghani oil prices closed at Rs 2,300-2,400 and Rs 2,300-2,425 per tin (15 kg) with a loss of Rs 30 each, respectively. In the week under review, wholesale prices of soybean grains and soybean loose fell by Rs 25 each to close at Rs 4,300-4,350 and Rs 4,000-4,100 per quintal respectively. Similarly, prices of Soybean Delhi, Soybean Indore and Soybean Degum declined by Rs 300, Rs 150 and Rs 275 respectively and closed at Rs 13,100, Rs 12,950 and Rs 9,050 per quintal respectively.
In the week under review, there was a decline in the prices of groundnut oil and oilseeds as compared to the previous weekend. The price of groundnut oilseed fell by Rs 125 to close at Rs 5,800-6,125 per quintal, while the price of groundnut oil Gujarat fell by Rs 400 to Rs 14,000 quintal and the price of groundnut solvent refined oil fell by Rs 45 to Rs 2,125-2,425 per quintal. Closed on tin. Crude palm oil (CPO) price fell by Rs 350 and closed at Rs 12,900 per quintal. The price of Palmolein Delhi fell by Rs 450 to Rs 14,000 per quintal and the price of Palmolein X Kandla oil fell by Rs 400 to close at Rs 13,100 per quintal. Amidst the general declining trend, cottonseed oil also fell by Rs 200 and closed at Rs 11,900 per quintal in the week under review.
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