Edible oil prices improved in the Delhi oil-oilseed market last week due to the upcoming festive demand and increasing business activity in the market. All the oilseed prices, except the fall in mustard oil oilseed prices, stopped showing gains as the arrival of new mustard crop in the mandis. Market informed sources said that there is a demand for old mustard in the mandis and there is no stock left with traders and oil mills. There is no stock left as of last year and the pipeline is empty. The arrival of new mustard crop is growing in the mandis, but it is still green. Mustard prices stopped showing a normal loss as compared to the previous weekend due to increase in arrival of new mustard crop.
Improvement in palmolein and soybean refined oils
He said that there has been a substantial improvement in palmolein and soybean refined oils, especially due to the increase in demand from farmers and traders due to festivals like Holi and Navratri. Apart from this, the price of sunflower oil has touched its record high globally, due to which the prices of other oils have also increased. Sunflower oil, which was $ 950 per ton 6-8 months ago, has now increased to $ 1,455 per ton. It was previously priced around soybeans, but has now grown to about $ 325 more than soybean refined. Due to this record spurt of sunflower oil, the demand for palmolein and soybean refined has increased significantly, which also led to a rise in the prices of other oils including these oils.
Also read: Gold’s worst start in 30 years, gold becomes Rs 11000 cheaper than record high
Sources said that apart from export demand, there was substantial improvement in groundnut oil oilseed prices due to local demand. He said that there is no equal stock of soybean in the market because farmers have already sold it in mandis. There is a severe shortage of soybean seed for the next crop and farmers in Maharashtra and Madhya Pradesh are buying a better soybean seed for Rs 5,400-5,500 per quintal. There is still about eight months for the new soybean crop to come to market.
Also read: Petrol-Diesel Price Today: Petrol and Diesel prices not increased today, so much price
Apart from this, there is a huge export demand for DOC (Oil Free Khal) for poultry grains and it is difficult to fulfill the export orders as most of the crops in the mandis are tainted (poor) due to rain, which are not exported. Apart from this, demand is also high for companies making soybean badi. In this situation, the prices of soybean oil oilseed prices closed on the reporting weekend.
Prices of soybean grain and loose prices rose
Sources said CPO, especially palmolein oil demand has increased significantly due to heavy festive demand from sweet makers and snack makers, which has led to improvement in CPO and palmolein oil prices. Sources said that the prices of soyabean seeds and loos ended the week at Rs 5,110-5,140 and Rs 4,950-5,000 per quintal, an improvement of Rs 190 and Rs 155 respectively.
Soybean Delhi, Soyabean Indore and Digam oil were trading at Rs 12,550, Rs 12,250 and Rs 11,250 per quintal, with a correction of Rs 230, Rs 380 and Rs 280 respectively. Last weekend, mustard seeds declined by Rs 80 to Rs 6,395-6,445 quintals and mustard Dadri oil was down by Rs 100 to Rs 13,300 per quintal and mustard pulp and crude ghani oil by Rs 20 each. Also closed at Rs 1,995-2,145 and Rs 2,125-2,240 per tin respectively.
Groundnut Gujarat Oil Rs 14,400 quintal
On the other hand, peanut seeds rose by Rs 60 to Rs 5,760-5,825 a quintal and groundnut Gujarat oil gained Rs 50 to Rs 14,400 a quintal amid a spurt in export activity. The price of groundnut solvent refined also improved by Rs 15 to Rs 2,295-2,355 per tin during the weekend under review. Crude palm oil (CPO) price improved by Rs 250 to close at Rs 10,450 in the weekend under review. The prices of refined palmolein Delhi and Kandla (without GST) improved by Rs 400 and Rs 350 to Rs 12,250 and Rs 11,300 per quintal, respectively. Cottonseed oil also rose by Rs 500 (without GST) to Rs 11,300 a quintal in the weekend under review.