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Edible Oil Prices: The prices of most oilseeds dropped, following a decline in foreign markets. The mustard, groundnut, soybean oilseeds and oils, crude palm oil (CPO), and palmolein oil saw a decrease in prices. However, groundnut oil, soybean oilseeds, and cottonseed oil prices remained unchanged. Market sources mentioned that there has been a decline in both the Chicago and Malaysia exchanges, with a drop also observed in the Chicago Exchange last night. It was noted that while wholesale prices of most oils have decreased, their retail prices remain high. Additionally, the fall in wholesale prices of mustard oilseeds was attributed to both the decline in foreign markets and the anticipated arrival of the new crop.
Binola seed prices fell
Sources said that the Cotton Corporation of India (CCI) has once again lowered the price of cottonseed by Rs 50-100 per quintal, which has had a significant impact on other oilseeds, particularly groundnut. Cotton production continues to decline, with more than half of the cotton already arriving at the Narma market, and there are still eight months left until the next crop to arrive. This situation has increased the likelihood of higher demand for cottonseed.
In light of this, experts suggested that CCI should store cottonseed and sell it when a better price is available, as selling at a low price affects the overall sentiment of the oilseed market. As per the expert, the reduction in cottonseed prices has directly impacted groundnut oilseeds, leading to a drop in their prices.
Soybean oil prices fell
Despite the decline in the price of groundnut oilseed, the price of groundnut oil remained stable at its previous level. Sources indicated that the drop in international markets, along with financial challenges faced by importers who were selling below the cost of imports, led to a decrease in soybean oil prices. However, the prices of soybean oilseeds, which had previously been sold at lower prices, remained unchanged. The arrival of this oilseed has decreased to around two lakh sacks. Additionally, due to the market downturn in Malaysia and a lack of buyers at the current high prices, both palm oil and palmolein oil also saw a decrease in prices.
Prices of oilseeds were as follows:
Mustard oilseeds: Rs 6,375-6,425 per quintal
Groundnut: Rs 5,800-6,125 per quintal
Groundnut oil mill delivery (Gujarat): Rs 14,100 per quintal
Groundnut refined oil: Rs 2,140-2,440 per tin
Mustard oil Dadri: Rs 13,350 per quintal
Mustard Pakki Ghani: Rs 2,275-2,375 per tin
Mustard Kachchi Ghani: Rs 2,275-2,400 per tin
Sesame oil mill delivery: Rs 18,900-21,000 per quintal
Soybean oil mill delivery Delhi: Rs 13,450 per quintal
Soybean mill delivery Indore: Rs 13,200 per quintal
Soybean oil degum, Kandla: Rs 9,500 per quintal
CPO ex-Kandla: Rs 12,400 per quintal
Binola mill delivery (Haryana): Rs 12,400 per quintal
Palmolein RBD, Delhi: Rs 13,900 per quintal
Palmolene ex-Kandla: Rs 12,900 (without GST) per quintal
Soybean grain: Rs 4,350-4,400 per quintal
Soybean loose: Rs 4,050-4,150 per quintal
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