Sunday 25 July 2021

Increased demand for edible oil in the internal market?

soybean oil

In the local oil-oilseeds market, the prices of various edible oils improved on Saturday amid a bullish trend in overseas markets. Due to a bullish trend, mustard and soybean oil - oilseeds, cottonseed, CPO and palmolein oil prices firmed up.

There was a boom in overseas markets. The Malaysia exchange remained closed, but the prices of soybean degum contracts for delivery in December rose by two per cent in futures trade on the Chicago Exchange late Friday. 

The plant delivery price of soybean grain in Neemuch, Rajasthan rose to Rs 9,225 a quintal, which is a record. Whereas the plant delivery spot price of soybean grain in Nanded, Maharashtra has reached a record level of Rs 9,200. This has increased the problems of the poultry farmers. In view of the domestic demand for Soybean Oilless Oil (DOC), the government should ban its export. The next crop of soybean for this year will come in October.

The condition of oil importers is dire, and they have to sell it here at a price lower than what they are importing. This can lead to the risk of bank debt sinking. The same is the case with oil refining companies, which are facing huge losses. Due to shortage of soybean grains, about 80 per cent of oil crushing mills have been closed in many places like Rajasthan and Madhya Pradesh. In order not to have mustard like soyabean, Hafed should buy mustard from the government's market price and deposit its stock. So that

 its crushing mills also run and there is no shortage of mustard seed at the time of next sowing. 

Oil mills are left with a small stock of mustard, while traders are left with no stock. It is noteworthy that last year, Hafed used to sell 1.5 to two lakh bags of mustard every day on these days, when it had stock.

The price of Mustard Saloni in Agra and Kota was increased from Rs 8,100 to Rs 8,200 per quintal. Mustard oil seeds - 7,725 - 7,775 (42 percent condition price) Rs. Groundnut seeds - Rs 5,845 - 5,990. Mustard oil in Dadri is Rs 15,300/Q. Sesame Oil for Mill delivery is  Rs 15,000 - Rs 17,500. Soybean Oil Mill delivery in Delhi- Rs 15,050 and Indore  is Rs 14,850. Makkah Khal (Sariska) Rs 3,800. Soybean grain 9,000 - 9,050, Soybean loose Rs 8,850 - 8,900.

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