Huge growth in exports of various flours from India

(Gujarat News Office), Mumbai, Ta. 19 January 2021, Tuesday

Prices of various domestic and imported edible oils continued to decline in the Mumbai oilseeds market today. The world market was down. News of domestic manufacturing establishments was also showing softness. As Corona's cases escalated in Malaysia, there were indications of a lockdown again. In the Mumbai spot market, the price of 10 kg of imported palm oil fell from Rs 1,015 to Rs 1,017 while crude palm oil CPO Kandla fell by Rs 4.

Soyoil futures had a bearish circuit at one point today. In the futures market this evening, crude palm oil futures fell by Rs 21 to Rs 20 while soyoil futures fell by Rs 2 to Rs 105. In the castor futures market, prices were soft at Rs 6 to 7 this evening.

Meanwhile, in the Mumbai spot market, soyoil digam was quoted at Rs 1,050 and refined at Rs 105 per 10 kg, while groundnut oil was quoted at Rs 1,200 to Rs 1,210, cottonseed oil at Rs 105 and mustard at Rs 15.

The prices of cingulum oil were Rs 150 and Rs 2160 per 15 kg and Rs 1010 to Rs 1013 per kg of washed cotton. In the Mumbai market today, the price of sunflower was Rs 1,200 and the price of refined was Rs 150. Mumbai spot castor oil prices were Rs 5 today and spot castor prices were Rs 5 softer.

Peanut prices ranged from Rs 50 to Rs 1,150 per quintal. Prices of various deliveries at Navi Mumbai port ranged from Rs 1,150 for soyoil and Rs 15 to Rs 150 for sunflower. While in Chennai, the price of sunflower was quoted at Rs 1,210 to Rs 150.

Meanwhile, world markets today reported further fall in palm oil prices in Malaysia, hitting a new seven-week low. Total palm oil exports from Malaysia are projected to decline by about 3 to 4 per cent in the first 30 days of January, according to world market analysts.

In Malaysia, palm oil futures today fell 150 points in near-term delivery while prices were down 3 to 4 points in long-term delivery. There, the price of palm products fell by ૫ 8 to 15. US agricultural markets were also softer today behind Malaysia and China. In the US agricultural markets, soyoil prices were in projection at around 5 points minus this evening. Soymeal and soybean prices were also in the negative this evening.

In Mumbai flour market, the price of cottonseed meal fell by Rs 200 per tonne today while the price of castor meal went up by Rs 100.

Meanwhile, there were indications that total exports of various flours from India doubled in December. According to sources in The Solvent Extractors Association, such exports increased to 315 tonnes in December 2020. Which was 20,608 tons in this period of 2012. Given this, exports grew by about 15 per cent in December.

Exports of soymeal, rye flour and rice bran flour have increased from the country. Experts said that overseas demand for goods from India has increased due to the recent strike in Argentina in the global market due to a shortage of goods there. During the period from April to December 2020, the total export of various flours from the country has increased to 4 lakh 41 thousand 200 tons.