It is a happy occasion for crores of oilseed farmers of the country. The government is going to start purchasing soybean crop at Minimum Support Price (MSP) from tomorrow. Its effect was also visible in the local wholesale oil-oilseeds market on Thursday. Here the prices of oil and oilseeds showed strength.
Quoting market sources, the agency’s news said that the government will start purchasing loose soybean at the new MSP of Rs 4,892 per quintal from October 25. Amidst this favorable news, other oilseeds also remained untouched. Their prices also appeared to be strengthening.
In the market, the prices of mustard and soybean oil-oilseeds, crude palm oil (CPO), palmolein oil and cottonseed oil closed with an increase. Inflows into the market increased along with less trading at higher prices. Meanwhile, the prices of groundnut oil and oilseeds closed at the previous level. Chicago and Malaysia exchanges are also running very strong.
Duty free import started
Some time ago, when duty free import of edible oils had not started in the country through Nepal, about 10 days before that soybean oil was being sold at a premium price of Rs 5 per kg. Now its price has started selling with a loss of Rs 7 per kg. The impact of this import is reaching states like Haryana and Punjab.
Sowing of new sunflower crop is to start in the country in December-January-February. This can also be seriously affected due to cheap duty free imports. Market sources say that the government will have to consider distributing such imported oil through ration shops in states like Bihar and West Bengal to prevent its ill effects on other states.
The prices of oil and oilseeds were as follows:
Mustard oilseeds – Rs 6,500-6,550 per quintal.
Groundnut – Rs 6,350-6,625 per quintal.
Groundnut Oil Mill Delivery (Gujarat) – Rs 15,100 per quintal.
Groundnut refined oil – Rs 2,270-2,570 per tin.
Mustard oil Dadri- Rs 13,550 per quintal.
Mustard Pakki Ghani – Rs 2,165-2,265 per tin.
Mustard Kachchi Ghani – Rs 2,165-2,290 per tin.
Sesame oil mill delivery – Rs 18,900-21,000 per quintal.
Soybean oil mill delivery Delhi – Rs 13,600 per quintal.
Soybean Mill Delivery Indore – Rs 13,100 per quintal.
Soybean oil Degum, Kandla – Rs 10,000 per quintal.
CPO Ex-Kandla – Rs 12,350 per quintal.
Cottonseed Mill Delivery (Haryana) – Rs 12,600 per quintal.
Palmolein RBD, Delhi – Rs 13,800 per quintal.
Palmolein Ex- Kandla – Rs 12,750 (without GST) per quintal.
Soybean grains – Rs 4,750-4,800 per quintal.
Soybean loose – Rs 4,450-4,685 per quintal.
Maize cake (Sariska) – Rs 4,200 per quintal.
