Amid a bullish trend in foreign markets, almost most of the oilseeds prices in the Delhi oil-oilseeds market on Saturday showed a correction trend. CPO, Palmolein and other oils closed with an unchanged trend. Informed market sources said crude palm oil (CPO) and palmolein prices remained unchanged due to higher demand. Whereas on Friday, due to the rise in the Chicago Exchange, soybean oil oilseeds prices saw a moderate correction.
Sources said domestic oil prices like mustard and groundnut oil-oilseeds and cottonseed oil improved as they were cheaper than imported oils. Buyers are less in the market for imported oils while local oils are in demand as they are cheaper. The arrival of mustard in the mandis was less as farmers are avoiding selling at lower prices. Generally, the arrival of mustard in the mandis was 10-10.5 lakh sacks, which came down to 8.5-9 lakh sacks on Saturday.
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Sources said that the cooperatives Hafed and Nafed should buy mustard from the government’s side and maintain stock as it is almost impossible to get mustard at the minimum support price (MSP). When the prices of imported oils are touching the sky, then the domestic oil is not going to be cheap, so it should be bought at the market price. Especially Hafed must buy as it has its own oil mills whose capacity will be utilised. Not doing so would prove to be a wrong move as has been realized from past experience.
According to market sources, there was a rise in the Malaysia Exchange on Friday while the Chicago Exchange closed strong. Sources said that a permanent and safe way to reduce the volatility of oil prices and dependence on imports, can only be to increase the production of oilseeds in the country.
The wholesale price in the market was as follows- (Rs. per quintal)
Mustard oilseeds – 7,625-7,675 (42 percent condition price) Rs.
Groundnut – 6,625 – Rs 6,720.
Groundnut Oil Mill Delivery (Gujarat) – Rs 15,500.
Groundnut Solvent Refined Oil Rs 2,580 – Rs 2,770 per tin.
Mustard oil Dadri – Rs 15,320 per quintal.
Sarson Pakki Ghani – Rs 2,420-2,495 per tin.
Sarson Kachchi Ghani – Rs 2,470-2,570 per tin.
Sesame Oil Mill Delivery – Rs 17,000-18,500.
Soyabean Oil Mill Delivery Delhi – Rs 16,200.
Soybean Mill Delivery Indore – Rs 15,850.
Soyabean Oil Degum, Kandla – 14,600.
CPO Ex-Kandla – Rs 14,100.
Cottonseed Mill Delivery (Haryana) – Rs 15,000.
Palmolein RBD, Delhi – Rs 15,600.
Palmolein Ex- Kandla – Rs 14,350 (without GST).
Soyabean grain – Rs 7,550-7,600.
Soyabean loose Rs 7,250-7,350.
Makkah Khal (Sariska) Rs.4,000.