Edible Oil Prices: Wholesale prices of many oils including mustard, groundnut and soybean have fallen, know the latest prices

Due to the increased arrival of Kharif oilseed crops and the weak closing of the Chicago Exchange last night, there was a decline in the prices of all oilseeds in the country’s wholesale oilseeds market on Saturday. The prices of mustard, groundnut, and soybean oilseeds, crude palm oil (CPO), and palm olein and cottonseed oil closed with a decline. Chicago Exchange closed showing a decline of 1.5 percent last night, due to which all oilseeds declined. Market sources said that mustard oilseeds declined due to the continued selling by the cooperative institution NAFED as well as farmers clearing their stock.

Decline in groundnut and soybean oil

Peanuts, sunflower, soybean, etc. crops are being sold below the minimum support price (MSP), due to which there is a decline in peanut and soybean oil-oilseeds. CPO and palm olein oil prices have fallen due to the impact of the Chicago Exchange being weak last night. In line with the general trend of decline, cottonseed oil prices also fell. Sources said that the apprehensions of edible oil-oilseeds business analysts expressing that edible oils would become expensive after the increase in import duty on edible oils has proved to be baseless. The wholesale price of peanut oil in Gujarat, which was Rs 146 a liter before the duty hike, has now come down to Rs 135 a liter after the duty hike. Similarly, the wholesale price of peanut oil in Rajasthan, which was Rs 130 a liter earlier, has now come down to Rs 118 a liter. Now the government will have to fix the accountability for why it is still being sold at a higher price in retail.

Why are prices not decreasing in retail?

Critics should worry about why and how retail prices are not falling when wholesale prices are falling. Sources said that unnecessary panic over inflation discourages farmers because it becomes difficult for them to get a fair price for their crops. Most importantly, such discussions spoil the business sentiment of the oilseeds industry. As a result, dependence on imports keeps on increasing.

The prices of oilseeds were as follows:

Mustard oilseeds – Rs 6,400-6,450 per quintal.

Peanut – Rs 6,300-6,575 per quintal.
Groundnut Oil Mill Delivery (Gujarat) – Rs 14,800 per quintal.
Groundnut Refined Oil – Rs 2,250-2,550 per tin.
Mustard Oil Dadri – Rs 13,100 per quintal.
Mustard Pakki Ghani –
Rs 2,115-2,215 per tin. Mustard Kachi Ghani – Rs 2,115-2,230 per tin.
Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal.
Soybean Oil Mill Delivery Delhi – Rs 13,100 per quintal.
Soybean Mill Delivery Indore – Rs 12,650 per quintal.
Soybean Oil Degum, Kandla – Rs 9,600 per quintal.
CPO ex-Kandla – Rs 11,950 per quintal.
Cottonseed Mill Delivery (Haryana) – Rs 12,200 per quintal.
Palmolein RBD, Delhi – Rs. 13,325 per quintal.
Palmolein ex-Kandla – Rs. 12,275 (without GST) per quintal.
Soybean grain – Rs. 4,650-4,695 per quintal.
Soybean loss – Rs. 4,350-4,585 per quintal.
Maize bran (Sariska) – Rs. 4,200 per quintal.