Rise in prices of various oilseeds

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(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils rose in the Mumbai Oilseeds market today. World market news showed strength in soyoil. Market sources said the possibility of delay in the new season has also given rise to a new reason for the rally in the state as heavy rains and floods and natural calamities hit the crop in Maharashtra.

Soybean oil prices rose 3 points in overnight trade in the US agricultural markets. At home, the price of cingulum oil in the Mumbai spot market today was quoted at Rs 150 per 10 kg. The price of cottonseed oil rose by Rs 150 to Rs 19 while the price of mustard rose by Rs 150 to Rs 1,200.

Meanwhile, manufacturing companies today reported that the price of cingulum oil rose to Rs 150 and Rs 15 to Rs 20 per 15 kg. Cotton washed prices rose by Rs 15 to Rs 150 today and cottonseed oil refined by Rs 15.

Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 15 today. In Hawala-Resale, barely 80 to 100 tonnes were traded. Crude palm oil CPO Kandla rose from Rs 1,150 to Rs 115. In the futures market, the CPO price rose to Rs 119.50 from Rs 1,131.50 at the end of the week, while soyoil futures rose to Rs 1,307.50 from Rs 1,305.

In the Mumbai spot market today, soyoil prices rose to Rs 19 for digam and Rs 1,200 for refined, while sunflower rose to Rs 120 and Rs 150 for refined.

At Mundra-Hazira, prices of various deliveries were quoted at Rs 12-13 for palm oil, Rs 12-13 for soyoil and Rs 150 for sunflower. Soyoil rose in overnight trade in U.S. agricultural markets. On the other hand, soybean prices were down 19 points and soymeal prices were down 9 points. Cotton prices were showing a slow recovery there.

Meanwhile, in the Mumbai market, palm oil prices are likely to rise further to Rs 150 next week, according to analysts. Meanwhile, the total area under various oilseeds sown in the country during the kharif season so far has been around 12-13 lakh hectares as against 12-13 lakh hectares in the same period last year.

Now, with heavy rains and floods in Maharashtra affecting the crop, market experts are predicting that these figures will change. The area under cotton has declined from 115 to 114 hectares so far this year.

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