New Delhi: The country’s oilseeds market witnessed a mixed trend last week. Imported edible oil prices declined, while mustard, peanut, and cottonseed oilseeds saw a slight improvement. Market experts say that while imported oils continued to be sold below cost, demand for the upcoming festive season boosted domestic oils.
According to market sources, importers have been selling soybean and palm-palmolein oil below cost for a long time. This is primarily due to cash needs and the need to maintain bank credit cycles. This is why prices for soybean oil and palm-palmolein oil, in particular, declined during the week.
On the other hand, preparations for festivals like Raksha Bandhan and Janmashtami are driving demand for sweets and snacks. This increased demand has impacted the markets for mustard, peanut, and cottonseed oil, leading to improvements in their prices.
Sources said that soybean processing units are reducing procurement rates to obtain lower prices from farmers. This is deterring farmers from selling at lower prices, limiting soybean arrivals in the market. However, the reduction in procurement prices has also impacted the prices of soybean oil and oilseeds.
Key market prices
Mustard seed rose by Rs 75 to close at Rs 8,150-8,175 per quintal.
Dadri mustard oil rose by Rs 75 to Rs 16,625 per quintal.
Mustard refined and crude oil remained steady at Rs 2,705-2,805 and Rs 2,705-2,855 per 15 kg tin, respectively.
Soyabean seed declined by Rs 100 and soyabean loose declined by Rs 75 to close at Rs 7,450-7,500 and Rs 7,325-7,400 per quintal, respectively.
Delhi soyabean oil declined by Rs 75 to Rs 15,750 per quintal, Indore soyabean oil declined by Rs 75 to Rs 15,600 and degum soyabean oil declined by Rs 100 to close at Rs 12,250 per quintal.
-Groundnut oilseeds rose by Rs 25 to Rs 7,375-7,950 per quintal.
-Gujarat groundnut oil rose by Rs 100 to Rs 17,100 per quintal and groundnut solvent refined oil rose by Rs 15 to Rs 2,680-2,980 per tin.
-CPO oil fell by Rs 50 to close at Rs 13,800 per quintal.
-Palmolein Delhi fell by Rs 125 to close at Rs 15,700 per quintal and palmolein ex-Kandla fell by Rs 125 to close at Rs 14,500 per quintal.
-Cottonseed oil rose by Rs 250 to close at Rs 16,750 per quintal.