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Foreign oil oilseeds prices rise as oil stocks decrease abroad

Peanut Market News October 13, 2020

Foreign oil oilseeds prices rise as oil stocks decrease abroad

As edible oil stocks, including soybean seeds, fell, as well as increasing festival demand locally, various edible oil prices, including soyabeans, were seen in Delhi’s oil-oilseed market last week. Market sources said the rise in festival demand led to a spurt in prices of mustard, groundnut and some state governments, including Madhya Pradesh, due to assurances by some state governments to purchase soybean at minimum support price (MSP). The Malaysia exchange rose eight percent over the weekend under review, leading to a rise in crude palm oil (CPO) and palmolein oil prices.

He said that along with soybean grains in the world, the stock of edible oils has decreased and heavy rains in Malaysia have affected oil production. Due to which the price of palm oil was at $ 705 per tonne last week, it has now increased to $ 785 per tonne. Similarly, the price of another imported oil soybean digam has also increased to $ 902 per tonne, which was at $ 840 per tonne last week. Sources said that due to increasing festive demand in the country and low availability of mustard oil, mustard oil prices recorded a rise in all its oil prices including mustard seeds in the weekend under review.

Sources said export demand for groundnut has increased, but peanut seeds and sunflower oil in the spot market are still selling below the minimum support price (MSP). Some other state governments, including Gujarat, have assured farmers to purchase groundnut at the minimum support price, due to which farmers are bringing less yields to the mandis. Due to this situation, prices of Groundnut Dana, Groundnut Gujarat and Groundnut Solvent Refined closed in the week under review as compared to their previous weekend.

He said that the price of mustard in the market is Rs 100-120 per kg, while the price of groundnut is around Rs 135 per kg. The price of these indigenous oils is almost double as compared to foreign imported oils, hence the demand for these oils is affected. He said that instead of relying on imports, the government would have to take tough decisions to increase self-sufficiency in domestic oilseeds and create demand to achieve self-sufficiency in oilseeds and increase import duty on cheap imported oils.

Oilseeds should also be made buffer stock

He suggested that the government should also create a buffer stock of oilseeds so that when there is a demand for essential oil at the time, we should not bear the brunt of imports and should increase the import duty on imported oils by increasing production at the domestic level so that our oilseed products can be imported. Face competition. He said that due to buffer stock, the entire oilseeds will be consumed in the entire market and farmers will benefit from it. He said that the government increases the MSP of oilseeds every year which is beneficial for the farmer, but at the same time the price of oils should also increase and attention has to be paid to generate demand for indigenous edible oils.

Mustard raw ghani prices started increasing

Mustard seed (oilseed crop) rose by Rs 20 to Rs 5,545-5,595 per quintal in the domestic oil-oilseed market during the week under review. Mustard oil (Dadri) prices remained unchanged. While prices of Mustard Paki Ghani and Mustard Kachchi Ghani rose by Rs 5 each each to close at Rs 1,710-1,860 and Rs 1,830-1,940 per tin, respectively.

Farmers are bringing small amounts of produce to the mandis after some other state governments, including Gujarat, assured to purchase peanuts at MSP, resulting in a correction of Rs 100 to Rs 5,015-5,065 per quintal compared to the previous weekend. Also, groundnut oil Gujarat closed at Rs 12,500 per quintal with a correction of Rs 300, while groundnut solvent refined closed at Rs 1,885-1,945 per tin, showing an improvement of Rs 65.

Soybean Delhi, Indore and Digam prices improved by Rs 350, Rs 200 and Rs 450, respectively, to Rs 10,100, Rs 9,800 and Rs 9,100, respectively, in the week under review due to lack of stock as well as demand worldwide. Closed at Quintal. Soyabean Dana and Loose prices also closed at Rs 4,055-4,080 and Rs 3,905-3,955 per quintal respectively in the reporting weekend, showing an improvement of Rs 285-285 respectively.

CPO Delhi closed at Rs 7,950 per quintal with a correction of Rs 230 on the weekend under review due to heavy rains in Malaysia affecting crop production and food stocks shortage, while palmolein Delhi and palmolein X-Kandla prices respectively. : Closed at Rs 9,300 and Rs 8,500 per quintal, with an improvement of Rs 250 and Rs 200 respectively. Cottonseed mill delivery (Haryana) also improved by Rs 50 to close at Rs 9,050 per quintal in the weekend under review due to local demand.

Source: https://pledgetimes.com/foreign-oil-oilseeds-prices-rise-as-oil-stocks-decrease-abroad/

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