An atmosphere of declining edible oil prices between festivals

(Gujarat News Office) MUMBAI: New demand in the Mumbai oilseeds market was sluggish today before the Rakshabandhan. Trades were scattered. Edible oil prices were sluggish. The government's reduction in import duty on soyoil and sunflower oil before the festivals was also having an impact on market prices. World market news was also showing softness. Soybean oil prices fell more than 200 points in overnight trade in the US agricultural markets.

Soybean prices fell by 3 to 4 points and soymeal prices by 150 points. Prices have plummeted as there has been talk of reducing blending in biofuels. Market analysts today said that palm oil prices are likely to open lower in Malaysia on Monday after the US collapse.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was trading at Rs 150 today, while the price of cottonseed oil was trading at Rs 1,205 amid a slowdown. Mustard oil was priced at Rs 150 and refined at Rs 1,200. Producers, meanwhile, were quoted at Rs 1,200 to Rs 12 per kg and Rs 200 per 15 kg amid a slowdown in cingulum oil prices, while cotton washes were quoted at Rs 150 per kg.

In the Mumbai spot market, imported palm oil was down by Rs 15 today while crude palm oil CPO Kandla was down by Rs 1,200. Futures also closed lower over the weekend, futures market sources said. Meanwhile, in the Mumbai spot market, soyoil prices fell to Rs 15 for digam and Rs 150 for refined. Sunflower was priced at Rs 120 and refined at Rs 150.

Meanwhile, the government has reduced the import duty on soyoil and sunflower oil with effect from Friday and the reduction will be effective till September 30, government sources said.

Earlier, the government had also reduced the import duty on palm oil. The government has reduced import duty in view of the festivals. However, the change in duty by the Indian government on Wednesday creates uncertainty in the world market and has an impact on India's talent as a stable buyer.

However, there are now long-term plans to increase domestic production of edible oils in India and reduce dependence on imports. After this plan, the players of the country as well as the world market are keeping an eye on the ineffective steps being taken by the government in this direction.