Big drop in the prices of edible oil, all these oils including mustard and groundnut became cheap, check

Edible Oil Price: Amidst the boom in the global market, there has been an improvement in oil prices across the country. Edible oil prices have improved in a week. Due to increased arrival of new mustard crop in the mandis, the prices of mustard oil have also seen a decline. Apart from this, the prices of edible oil in the foreign markets have seen strength.

turmoil continues in foreign markets
Let us tell you that during the week under review, the price of soybean oil increased by $ 118 per tonne while the price of crude palm oil (CPO) increased by $ 180. There is a turmoil in the market due to rising tensions between Russia and Ukraine and military action. Sometimes there is a huge boom in the foreign markets and sometimes there is a sharp decline. Groundnut oil-oilseeds prices have increased due to the rise in foreign markets.

Mustard oil prices soften
Sources said that due to increase in arrival of new mustard in the mandis, there is a softening in the prices of mustard oil and oilseeds. The daily arrival of mustard in the mandis has increased to six and a half to seven lakh sacks. The price of mustard oil used to be about Rs 30 more than soybean oil, which has now become cheaper by about Rs 2-3 a liter than soybean. This situation has brought some relief to the consumers of mustard.

CPO and Palmolein oil closed sharply
Sources said that the prices of CPO and Palmolein oil closed with gains in the week under review due to the rise in overseas markets. In line with the local demand and the general trend of bullishness, the price of cottonseed oil also saw a rise. There is a dire need to make the country self-reliant in terms of oil-oilseeds production and dependence on foreign countries is not good for this. Due to this dependence, India is prone to the arbitrariness of foreign companies and has to spend huge amounts of foreign exchange.

Import expenditure stood at Rs 71,625 crore
In the financial year 2019-20, the country’s import expenditure of edible oils was about Rs 71,625 crore, which increased to Rs 1.17 lakh crore in the financial year 2020-21. In the financial year 2021-22, this expenditure is estimated to increase to about Rs 1.45 lakh crore. On behalf of the government, cooperative institutions Hafed and Nafed should buy and stock 20-25 lakh tonnes of mustard, even after paying bonus at market price, if needed, because mustard oilseeds do not spoil quickly and it is sufficient at the time of need. Might prove helpful.

Mustard grain prices fall
Sources said that after increasing arrival of new mustard crop in the mandis, the price of mustard seeds fell by Rs 625 to Rs 7,650-7,675 per quintal last week from Rs 8,275-8,300 per quintal last weekend. Sarson Dadri oil prices fell by Rs 1,180 to Rs 15,400 a quintal in the weekend under review, down by Rs 1,180 from the previous weekend. On the other hand, mustard, Pakki Ghani and Kachchi Ghani oil fell by Rs. 115 and Rs. 160 to Rs. 2,275-2,330 and Rs. 2,475-2,580 per tin, respectively. On the other hand, soybean grains and soybean loose prices rose by Rs 125 and Rs 130 respectively to close at Rs 7,125-7,225 and Rs 7,025-7,125 per quintal, respectively, during the weekend under review, sources said.

Soybean prices improve
Soybean oil prices also improved in the week under review. Soyabean Delhi, Indore and Soyabean Degum prices closed at Rs 15,600, Rs 15,500 and Rs 14,350 per quintal, showing a correction of Rs 1,050, Rs 1,200 and Rs 1,170 respectively, respectively. Groundnut grain prices improved by Rs 250 to Rs 6,375-6,470 per quintal in the week under review, while groundnut oil Gujarat and groundnut Solvent prices improved by Rs 700 and Rs 170 respectively to Rs 14,250 per quintal and Rs 2,355-2,540 respectively. Closed at Rs.

Palmolein prices improved
Crude palm oil (CPO) and palmolein oil prices also showed improvement during the weekend under review. The price of CPO rose by Rs 500 to close at Rs 13,100 per quintal. The price of Palmolein Delhi also improved by Rs 750 to Rs 14,750 and the price of Palmolein Kandla improved by Rs 750 to close at Rs 13,550 per quintal. Cottonseed oil also closed at Rs 14,000 per quintal showing an improvement of Rs 600.

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