All oilseeds, including mustard, soybean, groundnut and palmoline, were profitable in the Delhi oil-oils market last week due to the fast-paced trend and festive demand overseas. Market experts say this has had a favorable impact on local business due to the rise in foreign trade. In addition, the demand for festivals and weddings, along with the demand for the rainy season after the summer, has improved prices.
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Market sources believe that about 40-50 percent of the grinding mills in the country are closed due to a shortage of mustard seeds, while about 60-65 percent of soybean oil plants are closed due to a shortage of soybean seeds. Merchants do not have mustard inventory, but oil mills have a very limited inventory, he said. In addition, the demand for pickle makers, festive demand and green vegetable season will increase further and the next crop of mustard is delayed by about seven-eight months.
7,645 per quintal of mustard
Last week, the price of mustard seed went up from Rs 7,380-7,430 per quintal to Rs 7,595-7,645 per quintal last weekend. Mustard Dadri oil also rose from Rs 490 to Rs 15,000 per quintal. The Sarson Pakki Ghani and Kachchi Ghani tins closed at Rs 2,445-2,495 and 2,545-2,655 per tin respectively, with a check price of Rs.
Soybean grain and loose prices are priced at Rs 300-300, respectively
Soybean grain and loose soybean prices have risen from Rs 300 to Rs 8,000-8,050 per quintal and Rs 7,895-7,995 per quintal. Soybean Delhi (Refined), Soyabean Indore and Soyabean Deegum rose by Rs 650, 900 and 600 respectively to Rs 14,800, 14,650 and 13,400 per quintal over the weekend.
The groundnut grain costs Rs 225
Groundnut cereals have improved from Rs 225 to Rs 5,795-5,940 while groundnut Gujarat has increased from Rs 500 per quintal to Rs 14,250 per weekend under local demand. However, groundnut solvent refined tin costs Rs 75 to Rs 2,195-2,325.
CPO Price Rs
Crude palm oil (CPO) prices rose by Rs 660 to Rs 11,120 per quintal over the weekend. Palmolin Delhi and Palmoline Kandla oil rose by Rs 550 and Rs 450 to Rs 13,000 and Rs 11,800 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. The government has to spend huge amounts of foreign exchange for the import of edible oils. Relying on imports to meet the 70 percent requirement of this staple food is detrimental to the country’s best interests.