Country Last week, in the edible oil-oilseeds market of India, the prices of soybean oilseeds closed with a decline due to weak demand for groundnut oil-oilseeds and de-oiled cake (DOC) amid low trading at high prices. At the same time, the prices of mustard oil-oilseeds, soybean oil, crude palm oil (CPO) and palmolein oil and cottonseed oil closed showing improvement amid low supply of soft oils in the market. Expert sources in the market said that the prices of groundnut oil-oilseeds declined amid low trading at high prices and arrival of new crop. While due to weak demand for DOC, the prices of soybean oilseeds also closed showing a decline over the weekend. At the same time, the prices of mustard oil-oilseeds, soybean oil, CPO and palmolein oil and cottonseed oil closed showing improvement amid low supply of soft oils especially during the festive season.
Groundnut and soybean are being sold below MSP
He said that despite this improvement, groundnut and soybean are being sold in the market at 5-7 percent below the minimum support price (MSP) and sunflower at 20-25 percent below. Attention needs to be paid to this. Market sources said that the price of soybean degum oil which was $1,015-1,020 per tonne last week has increased to $1,060-1,065 per tonne in the week under review. Similarly, the price of sunflower oil increased from $1,050-1,055 per tonne to $1,095-1,100 per tonne and the price of CPO increased from $1,050-1,055 per tonne to $1,090-1,100 per tonne. Apart from this price increase, the prices of soybean oil, CPO and palmolein as well as cottonseed oil and mustard oil-oilseeds also strengthened amid short supply conditions. Sources said that the price of cottonseed which farmers got last year in Khargone of Madhya Pradesh was Rs 6,400 per quintal, has increased to Rs 7,400-7,500 per quintal this year. Similarly, sporadic arrival of cottonseed has started in Mehsana of Gujarat and farmers are getting a price of about Rs 8,000 per quintal for better quality cottonseed compared to last year. Farmers are happy with this high price. This is the main reason for the strength in cottonseed oil prices in the week under review.
Strict laws for animal feed
He said that in the coming 10-15 days, the arrival of cotton will increase further and in the meantime the government should make strict laws for animal feed so that the growing business of fake oil cake can be stopped from flourishing. Sources said that due to the increased use of crude palm oil for making biodiesel at many places abroad, the supply situation of palm-palmoline may deteriorate in the coming few years and in view of this, the country will have to focus on increasing oil-oilseed production from now on. Probably due to the increasing use of CPO in this biodiesel, the price of this oil has become higher than soybean.
oilseeds price
Last week, the wholesale price of mustard seed rose by Rs 75 to close at Rs 6,675-6,725 per quintal. The price of mustard Dadri oil rose by Rs 250 to close at Rs 14,000 per quintal. The prices of mustard Pakki and Kachi Ghani oil strengthened by Rs 40 each to close at Rs 2,175-2,275 and Rs 2,175-2,290 per tin (15 kg), respectively. During the week under review, the prices of soybean grain and loose declined by Rs 70 each to close at Rs 4,830-4,880 per quintal and Rs 4,605-4,740 per quintal, respectively. In contrast, the prices of soybean Delhi, soybean Indore and soybean degum increased by Rs 1,000, Rs 700 and Rs 650 respectively to close at Rs 12,850, Rs 12,450 and Rs 9,250 per quintal, respectively.
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