Edible oil prices: Due to the strong trend in foreign markets and short supply of edible oils, the prices of mustard and soybean oil-oilseeds, crude palm oil (CPO) and palmolein and cottonseed oil closed strong in the oil-oilseed markets of the country on Tuesday. Whereas amid sluggish business, the prices of groundnut oil and oilseeds closed at the previous level. The Chicago Exchange is moving about two and a half percent higher. Whereas Malaysia Exchange is also improving by about 1.75 percent. Sources knowledgeable about the market said that due to the strong market abroad and low local supply, there is an improvement in the prices of edible oil and oilseeds.
There is very little oil in the pipeline
He said that there is very little oil in the edible oil pipeline in the country. In such a time, the demand for Navratri and marriage is going to increase. Those who were claiming that there is enough oil in the pipeline will have to think responsibly as to where has the edible oil gone? Sources said that unless the prices of palm and palmolein fall significantly lower than those of sunflower, the supply situation of edible oils is not going to improve. It is difficult to fulfill the shortage of palm and palmolein from the country’s mustard, groundnut, native sunflower, cottonseed and soybean. Because the prices of these indigenous oils are quite high due to high cost and minimum support price (MSP).
Farmers suffer loss due to cheap imported oils
He said that attention has to be paid to what was the price of edible oils about 30 years ago and whether there has been any significant increase in the current price. If the prices of edible oils are kept fixed then oilseed production will be directly affected. Due to the condition of groundnut and soybean products, there is a possibility that their cultivation will be affected in future. Due to low wholesale prices of both these oilseeds and cheap imported oils, they are sold at prices below the MSP and the millers are not consuming the oil after crushing, due to which they are incurring losses.
The prices of oil and oilseeds were as follows:
- Mustard oilseeds – Rs 5,400-5,440 per quintal.
- Groundnut – Rs 6,130-6,405 per quintal.
- Groundnut Oil Mill Delivery (Gujarat) – Rs 14,850 per quintal.
- Groundnut refined oil Rs 2,250-2,525 per tin.
- Mustard oil Dadri – Rs 10,400 per quintal.
- Mustard Pakki Ghani – Rs 1,760-1,860 per tin.
- Mustard Kachchi Ghani- Rs 1,760 -1,875 per tin.
- Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal.
- Soybean oil mill delivery Delhi – Rs 10,800 per quintal.
- Soybean Mill Delivery Indore – Rs 10,500 per quintal.
- Soybean oil Degum, Kandla – Rs 9,100 per quintal.
- CPO ex-Kandla – Rs 9,300 per quintal.
- Cottonseed Mill Delivery (Haryana) – Rs 9,700 per quintal.
- Palmolein RBD, Delhi – Rs 10,800 per quintal.
- Palmolein ex- Kandla – Rs 9,800 (without GST) per quintal.
- Soybean grain – Rs 4,700-4,720 per quintal.
- Soybean loose – Rs 4,500-4,540 per quintal.
- Maize cake (Sariska) – Rs 4,075 per quintal.
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