Edible Oil: The effect of the fall in the prices of edible oil in the global market has also been shown in the domestic market. The prices of imported oil have come down across the country. At the same time, there has been an improvement in the demand for domestic oil. So let’s check which oil has become the price-
There has been an improvement in the demand for cottonseed
Traders said that salt makers mostly use odorless edible oils – cottonseed, groundnut and sunflower – for their use and due to their demand, cottonseed oil improved.
How was the condition of soybean?
He said that there has been a historic fall in the prices of edible oils abroad. In the midst of this fall, crude palm oil and palmolein oil prices have come down, while soybean oilseeds prices have improved due to avoidance of selling of soybean by farmers at lower prices. Soybean oil prices fell on falling overseas market prices and the government issuing import quota of 2 million tonnes of soybean and 2 million tonnes of sunflower oil per annum to refining companies.
effect of duty free imports
The effect of the exemption given by the government to refining companies to import duty-free for the next two years is visible. Soybean and groundnut are being sown right now, mustard is to be sown in October, but due to the exemption of duty-free import, sowing work may be affected as farmers see less profit margin for their crop.
Mustard being refined
Sources said that this time the production of mustard has increased, but at the time of cost of imported oils, the speed with which the shortage of imported oils was met by making refined mustard, further increased the problem of mustard or light oils during the festive season. can. Due to lack of orders during festivals, there may be a problem of supply of edible oil.
Mustard oil rates hiked
Sources said that the price of mustard seeds increased by Rs 75 to Rs 7,485-7,535 per quintal last week as compared to last week. Mustard Dadri oil closed at Rs 15,150 a quintal with an improvement of Rs 50 in the week under review. On the other hand, the prices of Mustard Pakki Ghani and Kachchi Ghani oil also rose by Rs 25 each to Rs 2,380-2,460 and Rs 2,420-2,525 per tin (15 kg) respectively, respectively.
Soybean grain price rise
Soybean grain and loose wholesale prices rose by Rs 90 each to Rs 6,500-6,550 and Rs 6,300-6,350 per quintal, respectively, in the week under review as farmers avoided selling at low prices.
Global markets closed with losses
In the reporting week, soybean oil prices also closed with losses due to the breakdown of oil prices abroad. The wholesale price of Soyabean Delhi declined by Rs 300 to Rs 14,100, Soyabean Indore fell by Rs 200 to Rs 13,800 and Soyabean Digum declined by Rs 300 to Rs 12,400 per quintal.
Groundnut prices improve
Groundnut oilseeds prices improved by Rs 110 to Rs 6,765-6,890 per quintal in the reporting weekend due to increased demand for indigenous oils against imported oils. Groundnut oil Gujarat closed with an improvement of Rs 300 at Rs 15,710 per quintal while groundnut solvent refined improved by Rs 55 to Rs 2,635-2,825 per tin in the reporting week as against the previous weekend’s closing price.