Due to shortage of mustard, 80-85% of crushing mills in Haryana have been closed. The arrival of mustard across the country has been one lakh 25 thousand sacks on Thursday. He said that despite the price of October delivery contract falling by Rs 118 from the spot price in futures trade of NCDEX, this fall has no effect on the spot price.
On the other hand, the prices of various oilseeds, including soybean, CPO and palmolein, fell on Thursday in the Delhi oil-oilseeds market due to the rumor of reduction in import duty amid a declining trend in foreign markets. The prices of rest of the oil-oilseeds remained at the same level. While the prices of soybean grain and loose closed with profit due to demand exit.
Farmers shying away from selling soybean due to low price
Traders said that rumors of reduction in import duty of edible oils saw a breakdown in the market and fall in soybean oil, CPO and palmolein oil prices. The fall in Malaysia Exchange also led to the fall in the prices of these oils. Meanwhile, sources said that the government has increased the dollar-rupee exchange rate for duty calculation. But since the prices have fallen in foreign countries, the prices were seen falling here too.
He said the Malaysia Exchange was down 0.55 per cent while the Chicago Exchange was down about 0.2 per cent. The direct impact of this weak trend was also visible on the local oil-oilseeds prices and with this the prices of most edible oils closed showing losses due to the rumor of lower duty.
In the context of soybean, the sources said that farmers are shying away from taking out their goods at a lower price. But the rumor led to a fall in soybean oil prices, while the prices of soybean grains and looses improved due to demand release.
Wholesale price of mustard in the market
Mustard oil Dadri – Rs 17,750 per quintal.
Sarson Pakki Ghani – Rs 2,695 -2,745 per tin.
Mustard Kachchi Ghani – Rs 2,780 – Rs 2,890 per tin.
Mustard oilseeds – 8,860 – 8,885 (42 percent condition price) Rs.
Also read- Scientists got great success, now tomato and brinjal will grow in the same plant, will be very beneficial for urban areas