In the Delhi oil-oils market, almost all oilseeds, including mustard and soybean, have been trending in foreign markets due to festive demand over the past week. Sources in the market said last week, especially with the lack of soybean grains, prices of this oil have reached record levels. Similarly, the decline in the mustard market has strengthened the price of mustard oil and oilseeds. Generally, the price of soybean oil is about Rs 5 per kg less than mustard, but this time the price of soybean oil is about Rs 15 per kg. It is noteworthy that the yield from soybean oil is about 18 percent, while the mustard oil is 40-42 percent.
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While buying mustard at market prices, Huffed still has to stock up, so that Huffed’s grinding mills can run, and there is already a lot of mustard for the next sowing, sources said. Sowing soybean seed was a problem that should not have been in the case of mustard. Considering the support the farmers have received this time, the production of mustard is expected to double in the coming year. Due to the low production of soybeans, soybean deficiency and manufactured products are tainted by a lot of commodities, which are less used by companies making soybean balls. Moreover, soybean oilless oil (DOC) exports have increased by 300 per cent over last year, making it difficult to meet local DOC demand this time. For all these reasons, soybean prices have risen significantly.
Sources believe the government should ban export of DOC to meet local demand. In the wake of soybean demand, plant delivery prices of soybean grains in Neemuch, Rajasthan, rose to Rs 9,225 per quintal in the week under review. Prices of Soybean Grain Plant Delivery Place in Nanded, Maharashtra at a record high of Rs 9,600. This has exacerbated the problems of poultry farmers. The next crop of soybean is due in October. He said that 80 per cent of the oil grinding mills were closed due to shortage of soybean grain in many places like Rajasthan and Madhya Pradesh.
Despite the rise in prices overseas, demand for the post-summer rainy season, as well as increased demand for festivals and weddings, has shown a correction in prices. Sources said there was also a shortage of mustard last week. There is a demand for three to three lakh bags of mustard a day for the country, but the arrival of the mandis is only two lakh bags. Mustard in grinding mills is limited and merchants have no mustard inventory. There is a demand for pickle makers, festive season and green vegetable season, which will increase further.
A spokesman for the Mustard Promotion Board said there was a seven-to-eight-month delay in the next mustard arrival and that the shortage of mustard was due to the preparation of mustard in the March-April period. He added that the shortage of mustard will increase in the coming days. Due to a shortage of mustard seeds, its prices in Saloni, Agra and Kota rose to Rs 8,200 per quintal over the weekend, up from Rs 8,000 a week earlier. Taking into account the issue of poultry feed, Maharashtra’s Soybean Oilless Oil (DOC) price rose to Rs 8,200 per quintal from Rs 7,100 a week earlier.
Last week, the price of mustard seed went up from Rs 130 per quintal to Rs 7,725-7,775 per quintal last weekend, at Rs 7,595-7,645 per quintal. Mustard Dadri oil also rose from Rs 300 to Rs 15,300 per quintal. The Sarson Pakki Ghani and Katchi Ghani tins were also closed at Rs 2,500-2,550 and Rs 2,600-2,710 per tin, with a check price of Rs 55 per week respectively. Soybean grain and loose prices Soybean grain and loose prices range from Rs 1,000 and Rs 905, respectively, to Rs 9,000-9,050 and Rs 8,850-8,900 per quintal, depending on local and export demand for soybean.
Soybean Delhi (Refined), Soyabean Indore and Soyabean Deegum prices improved by Rs 250, Rs 800 and Rs 50 respectively. Groundnut cereals have improved from Rs 50 to Rs 5,845-5,990, while local demand for groundnut Gujarat has increased from Rs 50 to Rs 14,300 per quintal in the week under review. 2,205-2,335 to Rs.
Crude palm oil (CPO) prices rose by Rs 280 to Rs 11,400 a quintal over the weekend. Palmoline Delhi and Palmoline Kandla oil rose by Rs 50 and 400 to Rs 13,350 and Rs 12,300 per quintal respectively. Sources said 70 per cent of the country’s crude oil requirement was met by imports. The direct and sustainable way for the government to overcome this severe oil shortage is to increase the production of oilseeds by encouraging and assuring oilseed farmers.