New Delhi. There is good news for the common man. In fact, crude palm oil (CPO), palmolein oil prices declined in the Delhi oil-oilseed market last week due to strengthening of the rupee against the dollar, while imports of edible oils became cheaper, while soyabean degum oil fell due to short supply in the mandis. And soyabean oilseed prices gained on export demand for de-oiled cake (DOC).
According to news agency PTI, market-informed sources said that due to ‘short supply’ due to ‘quota system’ of the government and emptying of pipelines of soybean processing plants, soybean oilseeds improved. Due to ‘quota system’ in the country, situation of short supply of sunflower and soybean degum oil has arisen.
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CPO and Palmolein Oil Prices Fall in Reporting Weekend
He said that CPO and Palmolein oil prices have declined in the reporting weekend as compared to the previous weekend, due to strengthening of rupee against dollar and cheapness of imported oils like palm, palmolein. On the other hand, due to DOC of oilseeds and export of oilseeds along with local demand, soybean seeds and loose closed with gains.
Substantial improvement in sesame oil prices in the reporting weekend
Traders said that there was a substantial improvement in the prices of sesame oil in the reporting weekend due to import demand from abroad. He said that in August last year, farmers had sold soybean at a price of about Rs 10,000 per quintal, which is being sold at Rs 5,500-5,600 per quintal this time. Although this price is more than the MSP but it is less than the last year’s price. This time the farmers had also bought expensive seeds, due to which the farmers are avoiding selling at low prices.
Sources said that palmolein being cheaper than soybean has affected the demand for soybean refined, due to which soybean Delhi and Indore oil prices have declined in the reporting week. Sources said that due to the increase in the arrival of new crops of groundnut and cottonseed in the mandis, their oil and oilseed prices have come down.
According to sources, the government will have to make a lot of efforts to become self-sufficient in edible oil and for this it is most important not to open the futures business of edible oils. He says that futures trading encourages speculation. He said that in the month of April-May 2022, when there was a severe shortage of imported oils, with the help of indigenous oil-oilseeds, it was successful to meet this shortage and at that time the futures trading of edible oils was also closed. Keeping this aspect in mind, it is very important to increase oilseeds production and achieve self-sufficiency in it. The domestic oil industry, farmers and consumers are troubled by the decline of foreign markets and the rapid increase.
Dependence on foreign countries is increasing in the case of edible oil
Sources said that in the year 1991-92, even though there was no futures trading in edible oils, the country was almost self-sufficient in the matter of edible oil. Along with this, the country also earned a substantial amount of foreign exchange by exporting DOC of oilseeds and oilseeds. But today the country’s dependence on foreign countries is increasing in the case of edible oil and a huge amount of foreign exchange has to be spent.
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Last week, the price of mustard seeds increased by Rs 50 to Rs 7,475-7,525 per quintal.
According to sources, compared to Friday’s closing price of last weekend, the price of mustard seeds increased by Rs 50 to close at Rs 7,475-7,525 per quintal. Mustard Dadri oil rose by Rs 50 to close at Rs 15,400 per quintal in the reporting weekend. On the other hand, the prices of Mustard Pakki Ghani and Kachi Ghani oil also increased by Rs 10-10 each to close at Rs 2,340-2,470 and Rs 2,410-2,525 per tin (15 kg), respectively. Sources said that soybean oilseed and sesame oil prices improved substantially during the week under review due to increased export demand for DOC overseas. In the reporting week, the wholesale prices of soyabean grain and loose closed at Rs 5,800-5,900 and Rs 5,610-5,660 per quintal, with an improvement of Rs 300 and Rs 250 respectively.
Soybean oil prices fall in reporting week
The demand for CPO has increased due to costlier soybean vis-à-vis palmolein oil, due to which soybean oil prices registered losses in the reporting week. The wholesale price of soyabean fell by Rs 100 to close at Rs 15,100 in Delhi. The price of soybean Indore decreased by Rs. 50 to close at Rs. 14,800. On the contrary, due to ‘short supply’ arising out of ‘quota system’, the price of soybean digum closed at Rs 13,550 per quintal with a profit of Rs 50.
Groundnut oilseeds fell by Rs 90 to close at Rs 6,810-6,870 per quintal
Due to the increase in the arrival of new crop, there was a decline in the prices of groundnut oil and oilseeds in the reporting week. In the reporting weekend, the price of groundnut oilseed fell by Rs 90 and closed at Rs 6,810-6,870 per quintal. Groundnut oil Gujarat fell by Rs 380 to close at Rs 15,620 per quintal in the reporting week as compared to the previous weekend’s closing price, while groundnut solvent refined fell by Rs 55 to close at Rs 2,520-2,780 per tin.
CPO prices fall by Rs 300 to close at Rs 9,200 a quintal
CPO prices declined by Rs 300 to Rs 9,200 per quintal in the reporting week due to the weakening of imports after the strengthening of rupee, while Palmolein Delhi fell by Rs 300 to Rs 10,800 and Palmolein Kandla lost Rs 400 to Rs 9,800 per quintal. But closed. After increasing the arrival of new crop, cottonseed oil also fell by Rs 300 and closed at Rs 13,400 per quintal in the reporting week.
Tags: edible oil, edible oil price
FIRST PUBLISHED : November 13, 2022, 16:30 IST