edible oil
Amid the decline in foreign markets, the prices of most of the oil and oilseeds fell on Wednesday. The prices of mustard oil-oilseeds, groundnut oilseeds, soybean oil, crude palm oil (CPO) and palmolein oil declined. The prices of groundnut oil, soybean oilseeds and cottonseed oil remained the same. Market sources said that there is a decline in Chicago and Malaysia Exchange. There was a decline in the Chicago Exchange last night also. Market sources said that the wholesale prices of most oils have definitely declined but their retail prices are still high. To provide relief to consumers from this inflation, there is a need to investigate its reasons and take strict steps. He said that amid the decline in foreign countries and the news of the upcoming harvest, the wholesale prices of mustard oil and oilseeds were seen falling.
Cotton seed prices decreased
Sources said that the Cotton Corporation of India (CCI) today once again reduced the price of cotton seed produced from cotton narma by Rs 50-100 per quintal, which especially affected other oilseeds including groundnut. Cotton production is continuously decreasing and till now more than half of the cotton has reached Narma market. There are still eight months left for the next crop, given that the demand for cotton seed is likely to increase further. In view of this situation, CCI should store cotton seeds and sell them at the time of getting fair price. Cheap selling affects the business sentiment of the entire oil-oilseeds market. He said that the reduction in the price of cotton seed had a direct impact on the groundnut oilseed whose prices closed with a decline. 60-62 percent cake is produced in peanuts and due to fall in the price of cottonseed cake, it has become more difficult to sell the peanut cake which was already facing the problem of consumption.
soybean oil price fell
Despite the fall in the prices of groundnut oilseeds, the prices of groundnut oil remained at the previous level. Sources said that the price of soybean oil also declined due to the breakdown of the market abroad and the importers selling at a price lower than the cost of import due to funding problems. Whereas the prices of soybean oilseeds, which were already being sold at lower prices, remained at the previous level. The arrival of this oilseed has reduced to about two lakh bags. He said that due to the collapse of Malaysia and lack of buyers at the current high prices, the prices of palm and palmolein also closed showing losses. Due to the winter season and the current high prices, it is difficult to purchase palm and palmolein.
The prices of oil and oilseeds were as follows:
Mustard oilseeds – Rs 6,375-6,425 per quintal. Groundnut – Rs 5,800-6,125 per quintal. Groundnut Oil Mill Delivery (Gujarat) – Rs 14,100 per quintal. Groundnut refined oil – Rs 2,140-2,440 per tin. Mustard oil Dadri – Rs 13,350 per quintal. Mustard Pakki Ghani – Rs 2,275-2,375 per tin. Mustard Kachchi Ghani – Rs 2,275-2,400 per tin. Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 13,450 per quintal. Soybean Mill Delivery Indore – Rs 13,200 per quintal. Soybean oil Degum, Kandla – Rs 9,500 per quintal. CPO Ex-Kandla – Rs 12,400 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 12,400 per quintal. Palmolein RBD, Delhi – Rs 13,900 per quintal. Palmolein ex- Kandla – Rs 12,900 (without GST) per quintal. Soybean grain – Rs 4,350-4,400 per quintal. Soybean loose – Rs 4,050-4,150 per quintal.
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