Russia After the decision of increasing the export duty on sunflower oil by $ 30 per tonne, the prices of most of the oilseeds (mustard and groundnut, CPO and palmolein) remained at the previous level amid fears that the import of edible oils in the country would be affected. Whereas the prices of soybean oil, oilseeds and cottonseed oil strengthened. Market sources said that Russia on Thursday increased the export duty of sunflower oil by $ 30 per tonne. Due to the higher import duty price of sunflower oil compared to soybean, the import of sunflower oil may be further affected. It is noteworthy that since the import duty price of sunflower oil is fixed according to the current import price, it will be more expensive than soybean.
Prices remained at previous level
If the import of sunflower is affected, it will affect the prices of other oils and oilseeds also. The Malaysia Exchange closed down at 3.30 pm. There was a strong rise in the Chicago Exchange last night and currently it is moving up and down. Sources said that despite the bullish trend in foreign countries, the prices of mustard oil and oilseeds remained at the previous level due to selling by the cooperative organization NAFED. Amidst the increase in the arrival of groundnuts, farmers are not ready to sell the groundnuts which were already being sold at a lower price than the Minimum Support Price (MSP) and due to this, groundnut oil and oilseeds also closed at the previous level.
soybean strengthened
Despite the decline in the market in Malaysia, it did not have much impact at the local level, due to which the prices of crude palm oil (CPO) and palmolein oil also remained at the previous level. He said that after the decision to increase the export duty on sunflower, the price of soybean strengthened due to the fear of its import being affected, due to which the prices of soybean oil and oilseeds improved. This rise is also due to the strong close of the Chicago Exchange last night. On the other hand, due to the continuation of the business of adulterated cottonseed meal, cottonseed oil mills are running less and due to the demand from the salt manufacturing companies in the country, cottonseed oil prices are also improving. Sources said that the way Russia has increased the export duty of sunflower oil is an indicator that dependence on foreign countries for the supply of an important commodity for the country can prove dangerous and in view of this the country should increase its oil- The focus will have to be on increasing oilseed production.
The prices of oil and oilseeds were as follows:
- Mustard oilseeds – Rs 6,500-6,550 per quintal.
- Groundnut – Rs 6,350-6,625 per quintal.
- Groundnut Oil Mill Delivery (Gujarat) – Rs 15,100 per quintal.
- Groundnut refined oil – Rs 2,270-2,570 per tin.
- Mustard oil Dadri – Rs 13,550 per quintal.
- Mustard Pakki Ghani – Rs 2,165-2,265 per tin.
- Mustard Kachchi Ghani – Rs 2,165-2,290 per tin.
- Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal.
- Soybean oil mill delivery Delhi – Rs 13,625 per quintal.
- Soybean Mill Delivery Indore – Rs 13,125 per quintal.
- Soybean oil Degum, Kandla – Rs 10,025 per quintal.
- CPO ex-Kandla – Rs 12,350 per quintal.
- Cottonseed Mill Delivery (Haryana) – Rs 12,600 per quintal.
- Palmolein RBD, Delhi – Rs 13,800 per quintal.
- Palmolein Ex- Kandla – Rs 12,750 (without GST) per quintal.
- Soybean grain – Rs 4,760-4,810 per quintal.
- Soybean loose – Rs 4,460-4,695 per quintal.
- Maize cake (Sariska) – Rs 4,200 per quintal.
Image Credit: India-Tv.