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Last Updated: January 12, 2023, 14:38 IST
Despite inflation and restricted supply, the prices of oilseeds and cooking oils are noticing a declining trend.
Farmers are reluctant to sell at a lower price despite the fact that the current market price is higher than the minimum support price.
The prices of edible oil and oilseeds declined in the Delhi Oilseed market on Wednesday. Despite inflation and restricted supply, the prices of oilseeds and cooking oils are noticing a declining trend. The price of soybean degum oil has remained stagnant from the previous levels recorded in the Delhi Oilseeds market.
Check out the list of prices on Wednesday:
Mustard oilseeds – Rs 6,685- 6,735 (42 percent condition rate) per quintal
Groundnut – Rs 6,675- 6,735 per quintal
Groundnut oil mill delivery (Gujarat) – Rs 15,780 per quintal
Groundnut refined oil Rs 2,490-2,755 per tin
Mustard oil (Dadri) – Rs 13,350 per quintal
Mustard Pakki Ghani – Rs 2,030-2,160 per tin
Mustard raw Ghani – Rs 2,090-2,215 per tin
Sesame oil mill delivery – Rs 18,900-21,000 per quintal
Soybean oil mill delivery (Delhi) – Rs 13,250 per quintal
Soybean mill delivery (Indore) – Rs 13,200 per quintal
Soybean oil Degem, (Kandla) – Rs 11,650 per quintal
Cottonseed mill delivery (Haryana) – Rs 11,800 per quintal
Palmolin ( Delhi )- Rs 10,100 per quintal
Palmolin (Kandla) – Rs 9,100 (without GST) per quintal
Soybean seeds – Rs 5,600-5,700 per quintal
Soybean loose – Rs 5,345-5,365 per quintal
Maize Khal (Sariska) – Rs 4,010 per quintal
According to market sources, the current state of affairs for the oil business is dismal. Following the imports, the state of small oil mills is currently deteriorating. Farmers do not offer them their oilseeds at bargain prices. Farmers are reluctant to sell at a lower price despite the fact that the current market price is higher than the minimum support price.
On the other hand, the quota system’s low pricing for duty-free imported oils has put pressure on domestic oil and oilseed suppliers to the point where farmers are growing increasingly concerned about their crop.
According to sources, instead of establishing self-reliance, all these factors appear to be moving the nation entirely towards dependence on imports. According to insiders, Indonesia has reportedly increased the difference between the export duty and levy on palmolein and crude palm oil (CPO) from the previous $60 to $68 in order to fund its oil sector.
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