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Fall in the prices of edible oil, decrease in demand in big mills also reduced the price of mustard

Edible oil (indicative photo)

Oilseeds trading was affected due to the closure of the Chicago Exchange despite a bullish trend on the Malaysia Exchange. Due to this, soybean, groundnut, cottonseed oil prices fell in the oil-oilseeds markets across the country on Thursday, while the prices of mustard oil oilseeds closed softly due to reduced demand from large mustard mills.

Traders said the Malaysia Exchange was up 0.15 per cent while the Chicago Exchange was closed. Importers are finding it expensive to import CPO and Palmolein as imported oils are available at a cheaper rate in the local market, due to which the importers have to sell their goods cheap in the local market even after making expensive purchases. CPO and palmolein prices remained at the previous level amid a rally in Malaysia Exchange.

Mustard prices also soften

Sources said that the planters are at a loss in crushing soybean and cottonseed because imported soybean oil is available in the market at a cheaper rate. Planters are getting soybean grain at a price of Rs 6,700 a quintal and they have a loss of about Rs 200 a quintal in crushing. Similarly, cottonseed crushing mills are also facing losses in crushing. Due to this situation there is a fall in cottonseed and soybean oil prices.

Soybean grain and loose prices closed with gains due to demand for oil-free soybean oil. He said that the prices of groundnut oil also fell due to the cheapness of cottonseed. Mustard oil oilseeds prices also closed showing softness during normal trading amid the general trend of decline. Rest of the oil and oilseeds prices remained unchanged.

Wholesale prices in the market remained as follows

Mustard oilseeds – 9,020 – 9,050 (42 percent condition price) Rs.
Groundnut – 6,000 – Rs 6,085.
Groundnut Oil Mill Delivery (Gujarat) – Rs 13,300.
Groundnut Solvent Refined Oil 1,940 – Rs 2,065 per tin.
Mustard oil Dadri – Rs 17,820 per quintal.
Sarson Pakki Ghani – Rs 2,760 -2,785 per tin.
Mustard Kachchi Ghani – Rs 2,840 – Rs 2,950 per tin.
Sesame Oil Mill Delivery – Rs 16,700 – 18,200.
Soyabean Oil Mill Delivery Delhi- Rs 13,650.
Soybean Mill Delivery Indore – Rs 13,260.
Soyabean Oil Degum, Kandla – 12,070
CPO Ex-Kandla – Rs 11,450.
Cottonseed Mill Delivery (Haryana) – Rs 12,550.
Palmolein RBD, Delhi – Rs 13,000.
Palmolein Ex- Kandla – 11,800 (without GST).
Soyabean grain 6,600 – 6,700, Soyabean loose 6,450 – 6,500 rupees.
Makkah Khal (Sariska) – Rs 3,825.

Also read- After the announcement of the return of Farm Laws, SBI said – these 5 reforms will rejuvenate the agriculture sector


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