Russia After the decision to increase the export duty on sunflower oil by $30 per ton, prices of most oilseeds (mustard and groundnut, palm and palm) remained at the previous level, amid fears of that the import of edible oils into the country will be affected. While the prices of soybean oil, oilseeds and cottonseed oil strengthened. Market sources said Russia on Thursday increased export duties on sunflower oil by $30 per ton. Due to the higher price of import duties on sunflower oil compared to soybean, the import of sunflower oil may be further affected. It should be noted that since the import duty price of sunflower oil is set according to the current import price, it will be more expensive than that of soybean.
Prices remained at the previous level.
If sunflower imports are affected, it will also affect the prices of other oils and oilseeds. The Malaysia Stock Exchange closed at 3:30 p.m. Last night there was a sharp rise in the Chicago Stock Exchange and it is currently going up and down. Sources said that despite the upward trend abroad, prices of mustard oil and oilseeds remained at the previous level due to the sale of cooperative organization NAFED. Amid the increase in the arrival of groundnuts, farmers are not willing to sell the groundnuts that were already sold at a price below the Minimum Support Price (MSP) and due to this, groundnut oil and oilseeds also closed at the previous level.
fortified soybeans
Despite the market decline in Malaysia, it did not have much impact locally, so crude palm oil (CPO) and palmolein oil prices also remained at the previous level. He said that after the decision to increase the sunflower export duty, the price of soybeans strengthened due to fear that its import would be affected, which is why the prices of soybean oil and oilseeds improved. This rise is also due to the strong close of the Chicago Stock Exchange last night. On the other hand, due to the continuation of the adulterated cottonseed flour business, cottonseed oil factories are operating less and due to the demand from salt producing companies in the country, cottonseed oil prices They are also improving. Sources said that the way Russia has increased export duties on sunflower oil is an indicator that dependence on foreign countries for the supply of an important product for the country can be dangerous and, in view of this, the country should increase its oil. should focus 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.
- 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 13,625 per quintal.
- Delivery of soybean mill in Indore: Rs 13,125 per quintal.
- Degum soybean oil, Kandla: Rs 10,025 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 4,760-4,810 per quintal.
- Loose soybeans: Rs 4,460-4,695 per quintal.
- Corn cake (Sariska): Rs 4,200 per quintal.
Latest business news
