Bouncing edible oils a sign of declining import duty

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(Commercial Representative) Mumbai, Ta. 21 November 2020, Saturday

The Mumbai oilseeds market witnessed a slowdown today on higher prices of imported palm oil and soyoil. World market news showed a softening headline in soyoil. Global soybean prices hit a four-and-a-half-year high amid a new surge.

Meanwhile, the prices of various edible oils in the country have risen sharply in a short span of time recently and the possibility of a reversal of measures by the central government and perhaps a five per cent reduction in import duty was being discussed in the market today.

As a result, new demand in the Mumbai market was slowing down today and trades were scattered. Meanwhile, soybean oil prices fell 19 points in the US agricultural market overnight, while soybean prices rose 3 points. Soymeal prices were 10 points softer while cotton prices rose 18 points overseas.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 1,200 today while the price of cottonseed oil was Rs 105. Mustard was priced at Rs 120. Imported palm oil was down by Rs 1,005 and crude palm oil CPO Kandla was down by Rs 4.

Soyoil prices were quoted at Rs 105 for Digam and Rs 1,050 for refined. Sunflower was priced at Rs 120 and refined at Rs 150. Meanwhile, manufacturing companies today reported that the price of cingulum oil was Rs 14 and 15 kg at Rs 4,150 to Rs 3,150 while the price of washed cotton was Rs 1,009 to Rs 1,010.

In the Mumbai spot market today, the price of 10 kg of castor oil increased by Rs 5 to Rs 80 to Rs 1,000, while the price of castor in Mumbai spot rose by Rs 5 to Rs 200. In the Mumbai flour market, soymeal prices were trading at around Rs 200 to Rs 30-50 per tonne today, while prices of other flours were fluctuating narrowly.

Meanwhile, there were reports of a resurgence of corona cases in the country and abroad, and experts feared that this would affect the new demand for edible oils. According to world market news, global soybean prices have soared to a four-and-a-half year high amid dry weather in Brazil and drought-like conditions in Uruguay, which are likely to affect soybean cultivation.

Soybean supply in the US has also been tight. The rise in soybean prices in the world market came in June 2016. There were also reports of increased sunflower cultivation in Ukraine. There were indications that such cultivation has increased to about 3 lakh hectares in the period so far.

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