Publish Date: | Tue, 22 Feb 2022 08:37 AM (IST)
Edible Oil MRP: Indore (Naiduniya Representative). The boom in edible oil continues. Meanwhile, once again the Solvent Extractors Association of India has urged its members to cut the minimum retail price (MRP) being written on the packets of edible oil. All the major edible oil manufacturers in the country are members of corporate houses and producer associations. The association has asked to reduce the MRP from 3000 to 5000 per ton i.e. 3 to 5 rupees per kg, terming it as the gift of Holi for the common consumers. For the third time in four months, the association is making such an appeal. Earlier, even before Diwali, the manufacturers had cut oil prices on the call of the association.
It is clear that the government’s campaign to reduce the price of oil in the market may not be successful, but if the traders’ organizations want, they can get the price reduced. On the other hand, inflation is coming in the oil market. Soybean crop is said to be weak due to La Nina effect in Brazil, Argentina. Now the prices of sunflower oil have also increased due to Ukraine-Russia tensions. Meanwhile, the US Department of Agriculture has slashed its forecast for global oilseeds production. However, the production of Mustard-Raida has been increased in India. The USDA raised the average soybean price by 40 cents to $13 a bushel. Due to tight supply of soybean oil and improving demand, the trend of improvement in soya oil prices continued. In Indore, soybean oil rose by Rs 25 to Rs 1380-1385 and palm oil rose by Rs 25 to Rs 1400 per 10 kg in Indore on Monday.
India has signed a deal of 1 lakh tonnes of soya oil with the US, which is soon reported to be another deal of 30,000 tonnes of soya oil. This may hinder the uptake of soya oil. The Malaysian and Dalian Oil Complex remains bullish. Seabot is closed today. KLC opened quickly. The Chinese market is also seeing good strength. Edible oils are expected to continue rising in the domestic market on the back of good overseas cues. Lower crop results in South America pushed soy palm cash prices to new highs. The supply of new scenes is very tight.
The arrival of soybean has increased to 2 lakh 60 thousand bags across the country. Out of this, the arrival of soybean in Madhya Pradesh was one lakh 20 thousand bags. There was a strong rise in the prices due to good inquiries in groundnut oil. Groundnut oil Indore increased to Rs 1400 per ten kg. Despite this, the demand is seen to be good.
Loose oil (per ten kg) : Indore Groundnut Oil 1400, Mumbai Groundnut Oil 1400, Indore Soyabean Refined 1380- 1385, Indore Soyabean Solvent 1335- 1340, Mumbai Soya Refined 1345, Mumbai Palm Oil 1308, Indore Palm 1400, Rajkot Telia 2190, Gujarat Loose 1360, Cottonseed Oil Indore 1310 -1325 Rs. Soybean DOC Spot 56500 to 57000 Ton. Plant Price Soybean: Avi 7050, Prakash 7035, Betul 7175, Ruchi 7100, Kriti 7050, Prestige 7100, Lakshmi 7100, Mahakali 7100, Saawariya 7000, Itarsi 7100, MS 7125, Dhanuka 7175, Salasar 7100, Ambika 7221, Khandwa 7050, Rama 7100, Rama 7100 and Shanti 7100 Rs.
Cotton cake in Indore: (60 kg recruitment) without tax rate – Indore 2175, Dewas 2175, Ujjain 2175, Khandwa 2150, Burhanpur 2150, Akola Rs 3275.
Expectations from the fall of mustard
On Monday, the total arrival of mustard in the mandis of the country increased to five lakh sacks. This arrival is almost two times as compared to Saturday. Due to this, the prices of mustard fell by up to Rs 500 in major producing mandis. Mustard was sold from Rs 7125 to 7150 on Jaipur line. Mustard has come down by Rs 1000 in three days. Now there will be more increase in arrivals. The arrival of Raida in Indore mandi was about 200 sacks. There was a fall in the price. Mustard sold from 6200 to 6400 and Raida 6100 to 6350 in Indore. Now the oil market is expecting that because the production of mustard in the country is vigorous.
Posted By: Prashant Pandey