Market Review: Soybean breaks at Rs 1300, mustard reaches 8,550 quintals

Due to the increase in festive demand, prices of almost all oilseeds including mustard, groundnut and CPO remained stable in the oil and oilseeds market in Delhi last week. CPO and Palmolin oil prices improved over the reporting weekend following a rally on the Malaysia Exchange last week. Market sources said there is no mustard inventory other than farmers, cooperatives and traders. In such a situation, co-operatives Hafed and Nafed have to stockpile the mustard by purchasing mustard at market prices, in order to meet the demand for the coming winter and festive season.

Over the weekend, crude palm oil (CPO) prices rose by Rs 320 to Rs 12,120 per quintal. Palmolin Delhi and Palmoline Kandla oil prices ended at Rs 13,750 and Rs 12,650 per quintal, showing an improvement of Rs 250 per quintal respectively. The price of cotton seed oil was Rs 100 to Rs 14,400 per quintal compared to last weekend.

The price of soyabean grain declined by Rs 1300

In Maharashtra’s Latur fame, soybean prices have dropped from Rs 1,300 per quintal to Rs 9,500 per quintal. In contrast, the cost of the offshore soybean deegum rose from $ 1,302 to $ 1,307 per ton. Because of this, prices of soybean deegum and residual soybean oil improved. Sources say the price of mustard seed has increased from Rs 8,400 to Rs 8,550 per quintal in Saloni, Agra and Kota in Rajasthan.

Good news for mustard farmers

The matter was adjourned to be heard at the Delhi High Court on August 13 against the ban by the Food Regulator, FSSAI (Indian Food Safety and Quality Authority) for mixing other cheap edible oils in mustard oil. The next date is gone. This is good news for consumers and mustard farmers.

Last week, the price of mustard seed at Delhi Mandi went up to Rs 7,975-8,025 per quintal, while last weekend it was priced at Rs 7,850-7,900 per quintal. Mustard Dadri oil prices were up by Rs 350 to Rs 15,900 per quintal. Sarson Pakki Ghani and Kachchi Ghani tin rose by Rs 30 each to Rs 2,555-2,605 and Rs 2,640-2,750 respectively.

Soybean grain and loose ended at Rs 9,000-9,025 and Rs 8,700-8,750, respectively, with a loss of Rs 275 and Rs 1,300, respectively, due to fears of discontinuation due to soybean oil-free skin (DOC). On the other hand, with the increase in soybean dye prices abroad, the remaining soybean oils improved. Soybean Delhi (Refined), Soyabean Indore and Soyabean Degum improved by Rs 300, Rs120 and Rs350 respectively to Rs. 15,200, Rs 15,000 and ended at Rs 13,800.

There was a demand for peanut oil around the cottonseed. Generally the price of peanuts is 20-30 rupees more than cottonseed oil. Due to this situation, groundnuts improved from Rs 200 to Rs 6,495-6,640 over the weekend, while the peanut Gujarat quintal was priced at Rs. 14,750 as amended and Rs. Processed prices of groundnut solvents improved from Rs 80 to Rs 2,275-2,405 per tin.

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