Edible Oil Prices: Mustard, groundnut and soybean oil prices fell due to fall in foreign markets, know the latest prices

On Wednesday, all oilseeds and oilseeds prices in the country’s major markets witnessed a decline as the price of cottonseed fell in futures trading at the time of arrival of cotton crop in the markets and the business sentiment of all other oilseeds was affected. During this period, the prices of mustard, groundnut and soybean oilseeds, crude palm oil (CPO) and palmolein oil and cottonseed oil closed showing losses. Heavy decline continues in Malaysia and Chicago exchange. There was a heavy decline in Chicago last night as well. Market sources said that markets abroad have collapsed. Meanwhile, even before the arrival of cottonseeds started in the markets, the prices of cottonseed cake suddenly started weakening in futures trading. Two months before the arrival, the price of cottonseed cake was around Rs 3,800 per quintal, which has now come down to Rs 2,620 per quintal (December contract).

Why is the price of cottonseed cake falling?

A leading organization in the cotton sector is buying cotton at the minimum support price, but instead of stocking the cottonseed, the organization is selling it at a price much lower than the cost. Due to this also, the price of cottonseed cake is falling. He said that cottonseed cake is the most consumed in the country and there is no alternative to it. The annual consumption of this cake is about 1 crore 30 lakh tonnes. Now the fall in the price of cottonseed cake is also affecting the prices of other oilseeds. Even in the futures market, it does not have stock as per the number of deals being made. A certain percentage of the fixed deals should be in stock in the futures market but this is not the case.

Decreased cotton production

The data released today by the Cotton Association of India (CAI) shows that the production of cottonseeds has decreased this year. In such a situation, the futures price of cottonseed cake falling is surprising. Whatever may be the intention behind this, but it is certain that this situation is very dangerous for the country to move towards self-reliance in the matter of oilseeds. Sources said that those elements who advocate opening the futures trading of oilseeds should be asked the reason for the fall in the prices of cottonseed cake, otherwise there is a need to keep oilseeds separate from futures trading. This will save the oilseed farmers from possible loot in the future. Sources said that about 10 years ago, when the price of coarse grain i.e. maize was Rs 10-12 per kg, then the price of cottonseed cake used to be Rs 23-24 per kg, i.e. almost double. But today when the price of cottonseed cake is Rs 26 per kg, the price of maize is Rs 27-28 per kg. Perhaps this fact is the main reason for the decline in cotton production in the country.

The prices of oilseeds were as follows:

• Mustard oilseeds – Rs 6,450-6,500 per quintal.
• Groundnut – Rs 5,900-6,225 per quintal.
• Groundnut Oil Mill Delivery (Gujarat) – Rs 14,250 per quintal.
• Groundnut Refined Oil – Rs 2,150-2,450 per tin.
• Mustard oil Dadri – Rs 13,450 per quintal.
• Mustard Pakki Ghani – Rs 2,250-2,350 per tin.
• Mustard Crude Oil – Rs 2,250-2,375 per tin.
• Sesame Oil Mill Delivery – Rs 18,900-21,000 per quintal.
• Soybean oil mill delivery Delhi – Rs 13,000 per quintal.
• Soybean mill delivery Indore – Rs 12,750 per quintal.
• Soybean oil Degum, Kandla – Rs 9,025 per quintal.
• CPO ex-Kandla – Rs 12,800 per quintal.
• Cottonseed Mill Delivery (Haryana) – Rs 11,600 per quintal.
• Palmolein RBD, Delhi – Rs 14,050 per quintal.
• Palmolein ex- Kandla – Rs 13,000 (without GST) per quintal.
• Soybean grain – Rs 4,265-4,315 per quintal.
• Soybean loose – Rs 3,965-4,065 per quintal.
• Maize bran (Sariska) – Rs 4,100 per quintal.