overseas markets Crude palm oil and palmolein Due to the import of CPO being open, there was a slight improvement in the prices of CPO and Palmolein oil in the Delhi oil-oilseed market on Wednesday. Due to short supply, soybean and sunflower oil are being sold in the wholesale and retail market at a much higher price than the import price. Soybean Delhi, Indore and cottonseed oil prices also improved due to shortage in soft oil. Rest of the oilseeds closed with an unchanged trend.
Market sources said that sunflower and soybean oil are being sold costlier by a huge margin in the retail and wholesale market as compared to the import price. The price of sunflower oil is getting higher by about 25 percent while soybean oil is being sold about 10 percent higher. While sunflower oil has become $ 35 per tonne below soybean oil in foreign markets. The reason for the boom in sunflower oil is the lack of its local production and due to the quota system, imports are not in sufficient quantity. Due to this less oil supply, soyabean oil is also being sold costlier by about 10 percent.
Demanding abolition of quota system
Sources said that the job of major oil organizations of the country is not only to tell the import figures to the government, but they should also tell that due to the quota system, a situation of short supply has arisen and due to this quota system, there is a difference between the oil industry, farmers and consumers. There is no benefit to anyone. He said that some people are lobbying to open futures business because of some personal interest, whereas the oil industry and farmers have been ruined by this futures business in oilseeds. Therefore, there is a need to make the ban on this futures trading permanent. Seeing the silence of the big oil organizations, now the small oil organizations of the states are raising their voice and demanding the abolition of the quota system.
Where will the animal feed come from
Sources said that to reduce the country’s dependence on import of edible oils, attention should be paid to increasing domestic production of mustard, soybean, cottonseed, sunflower and groundnut (all soft oils). If the dependence on imported oils increases and the production of indigenous oilseeds does not increase then where will the animal feed come from while the number of cattle increases every year.
The prices of oil and oilseeds remained as follows on Wednesday
- Mustard oilseeds – Rs 7,325-7,375 (42 percent condition rate) per quintal.
- Groundnut – Rs 6,585-6,645 per quintal.
- Groundnut oil mill delivery (Gujarat) – Rs 15,100 per quintal.
- Groundnut refined oil Rs 2,445-2,705 per tin.
- Mustard oil Dadri – Rs 14,900 per quintal.
- Mustard Pakki Ghani – Rs 2,255-2,385 per tin.
- Mustard raw Ghani – Rs 2,315-2,440 per tin.
- Sesame oil mill delivery – Rs 18,900-21,000 per quintal.
- Soybean oil mill delivery Delhi – Rs 14,300 per quintal.
- Soybean Mill Delivery Indore – Rs 13,880 per quintal.
- Soybean oil Degem, Kandla – Rs 12,750 per quintal.
- CPO X-Kandla – Rs 8,800 per quintal.
- Cottonseed Mill Delivery (Haryana) – Rs 12,500 per quintal.
- Palmolin RBD, Delhi – Rs 10,400 per quintal.
- Palmolin X- Kandla – Rs 9,450 (without GST) per quintal.
- Soybean seed – Rs 5,650-5,750 per quintal.
- Soybean loose Rs 5,460-5,510 per quintal.
- Maize Khal (Sariska) Rs 4,010 per quintal.
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