Demand for import exemption as soymeal price rises by Rs 40,000

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(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils fell in the Mumbai Oilseeds market today. New demand was slow. News from manufacturers and world markets was also showing an overall softening. In the global market, palm oil futures in Malaysia today were up 3 points in the near term, but in subsequent deliveries, prices were in the range of 10, 2 and 3 points minus. The price of palm products there, however, had risen from two and a half to five dollars.

The news came as sunflower players in the world market were watching the news today as there were signs of a 5-7 per cent increase in sunflower cultivation in Argentina.

In the Mumbai spot market today, imported palm oil traded at Rs 1,210 per 10 kg at a mere 20 to 30 tonnes. In the Mumbai spot market, the price of cingulum oil remained calm at Rs 150 per 10 kg today. While cottonseed oil prices fell sharply to Rs 150.

Mustard-Rayda oil was priced at Rs 120 and refined at Rs 1,310. Producers today said that the price of cotton washed down from Rs 1,200 to Rs 150 to Rs 15 per kg, while the price of cingulum oil remained unchanged at Rs 15 to Rs 120 and Rs 15 to Rs 20 per 15 kg.

Meanwhile, imported palm oil fell to Rs 1,610 in the Mumbai spot market today. On the other hand, crude palm oil CPO Kandla was down by Rs 1,150. In the futures market, CPO prices were quoted at Rs 1,109 this evening amid a slow decline, while soyoil futures fell by Rs 11 to Rs 15.50 in the evening trade.

In the Mumbai spot market, soyoil prices fell to Rs 15 for digam and Rs 15 for refined, while sunflower was quoted at Rs 150 and refined at Rs 150. Coparel was priced at Rs 1,210 per 10 kg and rice bran at Rs 1,210. The spot price of castor oil and the spot price of castor were colliding in the Mumbai market today, while in the futures market this evening, the August futures price was quoted at Rs 4 in the castor futures market.

In the Mumbai flour market, the price of a tonne of groundnut flour rose by Rs 800 to Rs 1,000 and that of soyoil by Rs 1,200 to Rs 2,000. Castor meal prices were quoted at Rs 100 higher. However, the price of sunflower meal today fell by Rs 500 to Rs 1,000. Soymeal prices crossed Rs 2,000 per tonne today.

The demand by the Solvent Extractors Association to the government to allow the poultry industry to import soymeal in a country where soymeal prices are soaring was news. The price of soymeal in the country has been steadily rising since last year at around Rs 3,000 per tonne in November, but now it has gone above Rs 2,000.

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