Court ruling in favor of biofuels in America in favor of refiners

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(Gujarat News Office) MUMBAI: Prices of various imported edible oils declined in the Mumbai Oilseeds market today. World market news was softening. Among domestic edible oils, groundnut oil and mustard prices remained subdued while cottonseed oil prices fell again. Meanwhile, soybean oil prices rose sharply in the US agricultural markets after falling sharply in overnight trade, falling 50 points to a bearish circuit.

However, after that the price demand increased and Chella was showing a decrease of 3 points. There was a fall in soyoil prices. There were reports of soybean and soymeal prices in the overnight trade, however, as soyoil prices plummeted. Soymeal prices rose by 120 points. Behind the world market, prices of various imported edible oils saw a rebound today. There was a new demand in the market today and trades were scattered.

In the Mumbai spot market, the price of 10 kg of imported palm oil today fell from Rs 1,150 to Rs 115, while the price of crude palm oil CPO Kandla fell by Rs 1,050. In the futures market, CPO futures were at a low of Rs 109.50 to Rs 105 and last traded at Rs 103, while soyoil futures were at a low of Rs 15 to Rs 115 and were last seen at Rs 1,305.

Meanwhile, according to world market news, such refiners in the US went to court against the US government's recent condition to make it mandatory to use millions of fuels for crude oil refineries and now there are reports that the court ruling is in favor of such refineries. Amid speculation that this will now affect the demand for biofuels and also the demand for edible oils used in fuel, there were reports of sharp fall in soyoil prices.

Meanwhile, in the Mumbai spot market, soyoil prices fell to Rs 16 for digam and Rs 150 for refined. Sunflower was priced at Rs 150 and refined at Rs 150.

Meanwhile, cingulum oil prices were hovering around Rs 1,200 and mustard prices in the Mumbai market today, while cottonseed oil prices fell again today to Rs 120-13. Cotton-washed prices were at Rs 1,210 to Rs 1,615 per quintal today, while the prices of cingulum oil at Rs 150 per quintal and Rs 1550 per quintal for 15 kg were reported to have stopped falling further.

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