Country Most oilseed prices showed strength in the wholesale oilseed market on Thursday amid the possibility of the government purchasing soybean at the Minimum Support Price (MSP) from October 25. Prices of mustard and soybean oilseeds, crude palm oil (CPO), palmolein oil and cottonseed oil closed with gains. Groundnut oil and oilseed prices closed at previous levels amid fewer transactions at higher prices and higher market arrivals. The Chicago and Malaysia stock exchanges are doing very well.
Soybeans will be purchased at the rate of Rs 4,892 per quintal.
Market sources said that from October 25, the government will start purchasing bulk soybeans at the new MSP of Rs 4,892 per quintal, which farmers are very happy with. Amid this favorable news, other oils and oilseeds also remained intact and their prices also appeared to strengthen. Groundnut oil and oilseed prices remained stable due to lower trade at higher prices amid higher arrivals. However, groundnut and sunflower continue to be sold at prices below the MSP. Sources said that about 10 days before the start of duty-free import of edible oils through Nepal, soybean oil was being sold at a higher price of Rs 5 per kg, which is now being sold after the start of import. duty free from Nepal. with a loss of Rs 7 per kg. The impact of this importation is reaching states like Haryana and Punjab. We must pay attention to this, because in December-January-February the planting of the new sunflower crop will begin in the country, which may be seriously affected due to cheap and duty-free imports.
The government should think about farmers
The government will have to consider distributing such imported oil through ration shops in states like Bihar and West Bengal to avoid its adverse effects on other states. Sources said that in view of the increasing use of palm oil and soybean oil for biodiesel production in foreign countries, the edible oil supply crisis could increase in the coming days and prices could skyrocket. In view of this, the country must pay attention to increasing its oil and oilseed production. The increasing dependence on imports of essential foodstuffs is not at all justified.
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.
- Refined peanut oil: Rs 2,270-2,570 per can.
- Dadri mustard oil: Rs 13,550 per quintal.
- Pakki Ghani Mustard: Rs 2,165-2,265 per can.
- Kachchi Ghani Mustard: Rs 2,165-2,290 per can.
- Sesame oil mill delivery: Rs 18,900-21,000 per quintal.
- Delivery of soybean oil mill to Delhi: Rs 13,600 per quintal.
- Delivery of soybean mill in Indore: Rs 13,100 per quintal.
- Degum soybean oil, Kandla: Rs 10,000 per quintal.
- CPO ex-Kandla: Rs 12,350 per quintal.
- Factory delivery of cotton seeds (Haryana): Rs 12,600 per quintal.
- Palmolein RBD, Delhi: Rs 13,800 per quintal.
- Palmolein Ex-Kandla: Rs 12,750 (excluding GST) per quintal.
- Soybean: Rs 4,750-4,800 per quintal.
- Loose soybeans: Rs 4,450-4,685 per quintal.
- Corn cake (Sariska): Rs 4,200 per quintal.
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