Prices of all oilseeds, including mustard, soybean, groundnut and palmoline, remained in profit in the Delhi oil-oils market last week. The rise in overseas trade has had a positive impact on local business, sources in the market said. In addition, the demand for festivals and weddings, along with the demand for the post-summer rainy season, have improved prices.
Sources said that last week the government reduced the CPO and soybean degam import duty by $ 100 per capita to check rising prices of edible oils in the country, but the effect was reversed and prices of these oils abroad were extended. Moreover, with the exception of palmolin imports in the country, the problems of domestic refineries have increased and these units may reach the brink of closure.
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The purpose of this decision by the government is to soften the price of oil in the country and increase its availability, but only foreign companies are reaping the benefits. 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.
Considering the shortage of mustard seeds, Co-operative Huffed Seeds must be purchased at the market price from today, so that there is no difficulty in sowing, sources said. Due to a shortage of mustard seeds, its prices in Saloni, Agra and Kota rose to Rs 7,900 per quintal in the week under review, up from Rs 7,700 in the previous week.
Cotton seed prices have improved compared to last weekend as demand from Gujarat increased with the off-season. Taking into account the issue of poultry feed, Maharashtra’s Soybean Oilless Oil (DOC) price rose to Rs 7,100 per quintal in the previous week, from Rs 6,500 a week earlier, he said. Considering the shortage of DOC, the government should ban exports until October to meet local demand, sources said. A new crop is coming up in October.
After lowering import tariffs, the CPO in Malaysia and soybean degam prices in Chicago have strengthened significantly, sources said. This has had a direct impact on domestic oil prices and Palmolin oil prices. Amid rising demand, Palmolin Delhi and Palmolin Kandla oil have seen considerable improvement in the week under review. 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, while the checks cost Rs 70 per week. The loose prices of soybean meal and soybean oil have increased by Rs 300 per quintal to Rs 8,000-8,050 and Rs 7,895-7,995 per quintal. Soybean Delhi (Refined), Soyabean Indore and Soyabean Deegum rose by Rs 650, Rs 900 and Rs 600 respectively to Rs 14,800, Rs 14,650 and Rs 13,400 per quintal respectively. .
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. Crude palm oil (CPO) prices rose by Rs 660 to Rs 11,120 per quintal over the weekend. Palmoline Delhi and Palmoline Kandla oil rose by Rs 550 and 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 promising 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 per cent requirement of this staple food item is detrimental to the interest of the country.
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