Mustard soybean improves due to winter demand
Traders said trading trend may be mixed as while the prices of CPO, palmolein oil, soybean oil oilseeds and mustard oilseeds improved, mustard oil, groundnut oil-oilseeds and cottonseed oil prices remained unchallenged amid normal trade. .
He said the Malaysia Exchange was up 1.6 per cent while the Chicago Exchange was unchanged amid normal trading.
Sources said that while taking any decision regarding the oil industry, the government should consult with big oil organizations as well as state level and small organizations. While arriving at any conclusion, it should be noted that this decision should be only in the interest of the farmers, oil industry and consumers of the country.
He said that if a decision is implemented, it should be necessary to conduct a ground review so that the real purpose behind that decision can be fulfilled.
Sources said that recently the government had allowed duty-free import of 20 lakh tonnes of sunflower and soybean oil annually to provide relief to consumers. Practically the result of this decision was that the rest of the importers, other than the quota, were seen avoiding buying new deals of imports at expensive prices by paying the import duty and there was a situation of short supply in the market, due to which the prices of these oils were reduced. Instead of being cheap, it became expensive.
Sources said that it is the responsibility of the oil organizations to provide the right advice to the government at the right time. The government should review this decision immediately and either abolish the quota or impose import duty on these oils again.
He said that one way could be to make it mandatory to distribute imported oil under the quota system through the public distribution system at a fixed cheap price.
Sources said strengthening of Malaysia Exchange led to the correction in CPO and palmolein oil prices. Mustard oilseeds improved due to some demand for mustard cake and selling by farmers at lower prices, while mustard oil remained unchanged in normal business. Now the remaining stock of mustard is now left only with the farmers.
He said that soybean oil oilseeds improved in winter due to increase in local demand for Died Cake (DOC) of soybean from poultry farmers. Groundnut oil, oilseeds and cottonseed oil prices closed at the previous level amid normal trading.
The prices of oil and oilseeds remained as follows on Monday:
Mustard oilseeds – Rs 7,475-7,525 (42 per cent condition rate) per quintal.
Groundnut – Rs 6,900-6,960 per quintal.
Groundnut Oil Mill Delivery (Gujarat) – Rs 16,000 per quintal.
Groundnut refined oil Rs 2,575-2,835 per tin.
Mustard oil Dadri – Rs 15,350 per quintal.
Sarson Pakki Ghani – Rs 2,330-2,460 per tin.
Sarson Kachchi Ghani – Rs 2,400-2,515 per tin.
Sesame Oil Mill Delivery – Rs 18,800-20,500 per quintal.
Soyabean Oil Mill Delivery Delhi – Rs 15,350 per quintal.
Soybean Mill Delivery Indore – Rs 15,000 per quintal.
Soyabean Oil Degum, Kandla – Rs 13,600 per quintal.
CPO Ex-Kandla – Rs 9,550 per quintal.
Cottonseed Mill Delivery (Haryana) – Rs 13,700 per quintal.
Palmolein RBD, Delhi – Rs 11,200 per quintal.
Palmolein Ex-Kandla – Rs 10,250 (without GST) per quintal.
Soyabean grain – Rs 5,650-5,750 per quintal.
Soyabean loose Rs 5,460-5,510 per quintal.
Maize Khal (Sariska) Rs 4,010 per quintal.
