A sharp rise in prices due to acute shortage of soyoil

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(Gujarat News Office), Mumbai, Ta. 26 December 2020, Saturday

Prices of various domestic and imported edible oils rose in the Mumbai oilseeds market today. Sunflower oil rose to Rs 1,200 per 10 kg. Castor and castor prices were also higher. Producers reported higher prices for cingulum oil and cotton washed. Meanwhile, the supply of various agricultural commodities, including soybean oil and soybeans, has been disrupted in Argentina due to labor strikes in the oil and oilseeds sector and in the crushing sector. About 150 to 15 steamers are currently stuck in the world market at various ports.

Given that India imports mainly soyoil digam from Argentina, there is a shortage of soybean oil at home and prices have skyrocketed. Now the Argentine government has called a meeting on Tuesday to find a solution to the strike and it is now under the watchful eye of oil market players. Soybean oil and soybean prices have risen in the world market.

In the Mumbai spot market, soyoil digam was quoted at Rs 115 to Rs 1,150 per kg and refined at Rs 115 per 10 kg. Experts were showing the possibility of further rise in prices. Refined soyoil at Akola was quoted at Rs 1,150 to Rs 115.

In the Mumbai market, imported palm oil rose by Rs 105 and crude palm oil CPO Kandla by Rs 5. Sunflower prices were quoted at Rs 150 and refined at Rs 1,200. Mustard prices rose by Rs 1,200, cingulum oil by Rs 1,200 to Rs 1,610 and cottonseed oil by Rs 1,115. Producers today hiked the price of cingulum oil by Rs 15 and Rs 15,150 to Rs 4,150 per 15 kg, while the price of washed cotton rose by Rs 1,050 to Rs 105.

In the Mumbai spot market, castor oil was trading at Rs 10 and castor at Rs 20. In the Mumbai flour market today, the price of soymeal per tonne fell by Rs 200 to Rs 500 to Rs 2,000 while other flours were quiet. Rooney's income in Gujarat today was about 3 thousand bales and All India income was about 1 lakh 2 to 30 thousand bales. At Mundra-Hazira, there was talk of palm oil being priced at Rs 1,050 to Rs 1,050, soyoil at Rs 115 to Rs 115 and sunflower oil at Rs 150 to Rs 150 till January 15.

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