Heavy fall in all edible oil prices except soyabean

Know the latest rate of the market

Sources while appreciating the government’s move said that eight months ago, sunflower oil used to cost $300 (Rs 25 a kg) more than soyabean oil.

But at present, the price of sunflower oil has become cheaper than soybean oil by $ 80 (Rs 7-8 per kg).

Both these edible oils have been imported in excess.

Apart from this, along with the new bumper crop of mustard, there is also stock of soyabean.

Import duty will have to be increased on these imported oils

The country will not have to worry about soft oil for the next 4-5 months.

But the price of imported oil is so low as compared to the cost of mustard that the import duty on these imported oils will have to be increased, otherwise it will be difficult to consume mustard.

Therefore, now the government should think about increasing the import duty on soybean and sunflower edible oils as soon as possible and should focus on developing the domestic oil-oilseed market.

So that the crops of the farmers can be sold and further they can be motivated to increase the production of oilseeds.

Due to crushing of indigenous oil and oilseeds, oil mills will run, people will get employment and we will get more oilseeds.

Increase import duty on soft oils

Sources said that for vested interests, some people mislead the government and do not provide correct information on time and probably such people do not want the country to become self-sufficient in the matter of oil-oilseeds.

These people do not want that the import duty on soft oils should be increased to create conditions for the consumption of indigenous oil and oilseeds.

Malaysia and Chicago Exchange are on the mend

Sources said that these people talk about increasing the duty difference between palm and palmolein, but why are they silent about the increase in duty on soft oils, due to which the indigenous oilseed farmers, the oil industry, are all upset?

Palm and Palmolein oil is mostly consumed among people of low income group and it does not have any special effect on our indigenous soft oils.

The real effect on the country’s oil-oilseed business is due to the fluctuations in soft oils like soybean, sunflower, so these soft oils need to be controlled first.

Market sources said that there is a trend of improvement in Malaysia and Chicago Exchange.

The prices of oil and oilseeds remained as follows on Wednesday

• Mustard oilseeds – Rs.5,395-5,445 (42 percent condition rate) per quintal.
• Groundnut – Rs 6,825-6,885 per quintal.
• Groundnut oil mill delivery (Gujarat) – Rs 16,700 per quintal.
• Groundnut refined oil Rs 2,560-2,825 per tin.
• Mustard oil Dadri – Rs 11,650 per quintal.
• Mustard Pakki Ghani – Rs 1,800-1,830 per tin.
• Mustard raw Ghani – Rs 1,760-1,885 per tin.
• Sesame oil mill delivery – Rs 18,900-21,000 per quintal.
• Soybean oil mill delivery Delhi – Rs 11,800 per quintal.
• Soybean Mill Delivery Indore – Rs 11,400 per quintal.
• Soybean oil Degum, Kandla – Rs 10,280 per quintal.
• CPO X-Kandla – Rs 8,900 per quintal.
• Cottonseed Mill Delivery (Haryana) – Rs 10,200 per quintal.
• Palmolin RBD, Delhi – Rs 10,400 per quintal.
• Palmolin X- Kandla – Rs 9,500 (without GST) per quintal.
• Soybean grain – Rs 5,330-5,460 per quintal.
• Soybean loose – Rs 5,070-5,090 per quintal.
• Maize Khal (Sariska) – Rs 4,010 per quintal.

Soybean prices in the mandis of Madhya Pradesh on 01 March 2023

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