Prices of oil and oilseeds closed strong in Malaysia and Chicago Exchange, prices of mustard and soybean oil remained dominant.

New Delhi: Amid the rise in Malaysia and Chicago Exchange, the prices of most of the oil and oilseeds in the country's oil and oilseeds market closed strong on Tuesday. Due to this, there was a rise in mustard oil-oilseeds, soybean oil, crude palm oil (CPO) and palmolein and cottonseed oil. Whereas in the futures trade, the prices of cottonseed meal remained at the previous level due to the impact on the demand of groundnut and soybean due to the fall in the price of cottonseed meal.

There is a strong trend in Chicago and Malaysia Exchanges. Market sources said that due to the rise in prices abroad, the prices of mustard oil, oilseeds and soybean oil closed strong. However, there is improvement in mustard prices due to winter demand amid low arrivals in the market.

The prices of CPO and palmolein are certainly strong but there are no buyers. The price of palm-palmo olein is about Rs 10 per kg more than other imported oils and at this high price it is impossible to consume them anywhere. Cottonseed oil prices are also improving due to the rise in foreign countries.

Sources said that although the Cotton Corporation of India (CCI) has increased the price of cotton Narma twice in the last week by Rs 50-100 per quintal, today the January 2025 contract price of cotton has been broken again by speculators in the futures trade. Which is by no means appropriate for increasing cotton nerma production. Keeping this situation in mind, the government should ban futures trading of oil and oilseeds.

Sources said that earlier in the futures trading, the prices of cotton Narma were higher than the Minimum Support Price (MSP) in states like Punjab and Haryana, but due to the breaking of the price of cottonseed meal in the futures trading, the spot price of cotton Narma in the said states has become lower. It has gone down by 2-4 percent from MSP. He said that due to futures trading, the ready-made market of cotton in Punjab and Haryana is being destroyed. He said that in the futures trade, the price of cottonseed cake, whose January contract price was Rs 2,700 a quintal on Monday, today came down to Rs 2,678 a quintal.

Sources said that it should be worried that in a country (India) which depends more than half on imports to meet the needs of edible oils, the domestic oilseeds are sold at a price lower than the MSP. At present, despite government procurement, the spot price of soybean is being sold at 17-18 percent less than the MSP, groundnut at 15-17 percent less, sunflower at 18-20 percent less and cotton at 2-4 percent less.

After all, what are the conditions or policies that encourage people to ignore domestic production and go towards imports? To take steps towards changing this, there is a need to take steps to develop the domestic oil-oilseeds market.

Mustard oilseeds – Rs 6,575-6,625 per quintal. Groundnut – Rs 5,925-6,250 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 13,725 per quintal. Mustard Pakki Ghani – Rs 2,300-2,400 per tin. Mustard Kachchi Ghani – Rs 2,300-2,425 per tin.

Sesame oil mill delivery – Rs 18,900-21,000 per quintal. Soybean oil mill delivery Delhi – Rs 13,150 per quintal. Soybean Mill Delivery Indore – Rs 12,850 per quintal. Soybean oil Degum, Kandla – Rs 9,050 per quintal. CPO Ex-Kandla – Rs 12,800 per quintal. Cottonseed Mill Delivery (Haryana) – Rs 11,850 per quintal.

Palmolein RBD, Delhi – Rs 14,100 per quintal. Palmolein ex- Kandla – Rs 13,100 (without GST) per quintal. Soybean grain – Rs 4,250-4,300 per quintal. Soybean loose – Rs 3,950-4,050 per quintal. Maize cake (Sariska) – Rs 4,100 per quintal.