Thursday, December 1, 2022
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Edible Oil: Mustard oil becomes cheaper, prices rise in global market, check rates

Edible Oil Update: Oil prices have seen a correction due to the rise in the global market. Apart from this, there has been a fall in the prices of mustard oil. Traders said that the Chicago Exchange had closed almost three per cent strong last night, which was reflected in the rest of oilseeds prices in Saturday’s trade. Mustard oil oilseeds prices closed with a fall amid normal business.

palm oil cheaper
Sources said that about two-and-a-half months ago, the price of Kandla delivery of crude palm oil was $2,040 per tonne. This price has broken down to about $ 1,000 per ton at this time. Its price in the retail market at present will be around Rs 86.50 per kg.

Mustard oil becomes cheaper
On the other hand, this time the Minimum Support Price (MSP) of mustard was around Rs 5,050 a quintal, which is expected to increase between Rs 200-300 a quintal at the time of next sowing. Accordingly, the price of mustard oil is estimated to be around Rs 125-130 a kg after the next crop.

Check CPO Oil Price
Now when CPO oil will be around Rs 86.50 a kg in the market, then where will mustard be consumed for Rs 125-130. Instead of demanding duty-free import of edible oils from the government, the major oilseeds organizations of the country should motivate the government to increase oilseeds production and attain self-sufficiency by giving appropriate advice. It is also their responsibility to tell the government from time to time which decision is in the interest of the oilseed growers of the country and which is at their disadvantage.

cheap oil abroad
On Friday, the government reduced the import duty price of CPO by Rs 100 per quintal, while the import duty price of soybean degum by Rs 50 per quintal and palmolein oil by Rs 200 per quintal. Sources said that on one hand the import duty value is being reduced, while the markets of oilseeds abroad are breaking down and the import duty has also been reduced. Sources said that all these situations can lead the country towards complete dependence on imports.

Let’s check the latest rates of food-

    • Mustard oilseeds – Rs 7,170-7,220 (42 percent condition price) per quintal
    • Groundnut – Rs 6,895 – Rs 7,020 per quintal
    • Groundnut Oil Mill Delivery (Gujarat) – Rs 16,250 per quintal
    • Groundnut Solvent Refined Oil Rs 2,710 – Rs 2,900 per tin
    • Mustard oil Dadri – Rs 14,400 per quintal
    • Sarson Pakki Ghani – Rs 2,280-2,360 per tin
    • Mustard Kachhi Ghani – Rs 2,320-2,425 per tin
    • Sesame Oil Mill Delivery – Rs 17,000-18,500 per quintal
    • Soyabean Oil Mill Delivery Delhi – Rs 13,100 per quintal
    • Soybean Mill Delivery Indore – Rs 12,850 per quintal
    • Soyabean Oil Degum, Kandla – Rs 11,600 per quintal
    • CPO Ex-Kandla – Rs 10,950 per quintal
    • Cottonseed Mill Delivery (Haryana) – Rs 13,850 per quintal
    • Palmolein RBD, Delhi – Rs 12,400 per quintal
    • Palmolein Ex-Kandla – Rs 11,300 (without GST) per quintal
    • Soyabean grain – Rs 6,275-6,325 per quintal
    • Soyabean loose Rs 6,025- Rs 6,075 per quintal
    • Maize Khal (Sariska) Rs 4,010 per quintal

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