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Sources related to the market said that the prices of soybean grains closed with improvement due to non-selling by the farmers at low prices. On the other hand, due to the slowdown in the foreign markets, the prices of some edible oils closed with a slight fall.

Apart from this, due to low demand, the prices of mustard oil and oilseeds have softened.

Traders said the Malaysia Exchange fell up to two per cent on Thursday. At the same time, the Chicago Exchange is also trading with a slight decline of 0.6 percent.

Sources said the government should do away with the import cap completely or impose an import duty of five per cent to maintain the supply chain of edible oils. Due to ‘short supply’ after duty-free imports, the prices of these oils are being sold with a premium of Rs 5-6 per kg. With this decision, after the increase in imports, edible oil will be available to the consumers cheaply.

Sources say that neither the farmers, consumers nor the industry is getting any benefit from the import limit. The government should abolish import limits on all edible oils or impose a uniform tax on all.

He said that the quota system for imports should be abolished. With this, the government will get revenue, farmers’ crops will be consumed in the market and due to increase in imports, edible oil will also be cheap. This will also give relief to the consumers.

The prices of oil and oilseeds remained as follows on Thursday:

Mustard oilseeds -6,775-6,800 (42 percent condition rate) per quintal of Rs.

Groundnut – Rs 7,070-7,135 per quintal.

Groundnut Oil Mill Delivery (Gujarat) – Rs 16,600 per quintal.

Groundnut refined oil Rs 2,695-2,955 per tin.

Mustard oil Dadri – Rs 13,950 per quintal.

Sarson Pakki Ghani – Rs 2,165-2,295 per tin.

Mustard Kachchi Ghani – Rs 2,235-2,350 per tin.

Sesame Oil Mill Delivery – Rs 18,500-20,000 per quintal.

Soyabean Oil Mill Delivery Delhi- Rs 13,350 per quintal.

Soybean Mill Delivery Indore – Rs 13,100 per quintal.

Soyabean Oil Degum, Kandla – Rs 11,800 per quintal.

CPO Ex-Kandla – Rs 8,400 per quintal.

Cottonseed Mill Delivery (Haryana) – Rs 12,700 per quintal.

Palmolein RBD, Delhi – Rs 10,100 per quintal.

Palmolein ex-Kandla- Rs 9,100 (without GST) per quintal.

Soyabean grain – Rs 5,150-5,200 per quintal.

Soyabean loose Rs 4,900-4,950 per quintal.

Maize Khal (Sariska) Rs 4,010 per quintal.

This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.

Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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