Castor spot and castor oil boom amid lack of rainfall

(Gujarat News Office) Mumbai: Prices of various imported edible oils rose in the Mumbai oilseeds market today. While peanut oil and cottonseed oil prices were hitting. However, the rise in mustard oil prices continued.

Meanwhile, soybean futures were down 3 per cent today and the lower circuit was enforced. Bhavu Gabdi was quoted at Rs. There was talk of the government easing certain conditions for the import of gym soymeal in the country. Soybean and soymeal prices fell today. Meanwhile, the price of imported palm oil rose to Rs 150 per 10 kg. About 200 to 300 tonnes were traded in two days.

Crude Palm Oil CPO Kandla was up by Rs 1,205. In the futures market, CPO prices rose by Rs 2.50 and soyoil by Rs 2.50. In the Mumbai spot market, soyoil prices were quoted at Rs 150 for digam and Rs 1,200 for refined, Rs 120 for sunflower and Rs 15 for refined mustard oil and Rs 1,600 for refined.

The price of cingulum oil was Rs 15 and Rs 20 per 15 kg, respectively. While the prices of cotton washed were being quoted at Rs 150 to Rs 15. In the Mumbai market, the price of cingulum oil was Rs 150 and cottonseed oil was Rs 1,210.

Meanwhile, palm oil futures in Malaysia rose by 4.5, 6 and 7 points in the global market today. While there, the price of palm products went up by two and a half to ten dollars. However, total palm oil exports from Malaysia declined by about 15 to 18 per cent in the first three days of August. Palm oil and soyoil prices rose in China today.

World market experts feared the soybean crop would be affected as the weather remained dry in Argentina. However, global production of the eight major edible oils is expected to grow by about 3 to 4 per cent in the 2021-26 season, according to global markets.

In the US, soybean oil prices rose by 150 to 15 points in overnight trade in the US. Soybean and soymeal prices were also higher overnight. In the Mumbai flour market, soymeal prices fell by Rs 2,000 to Rs 30,000 per tonne today.

According to a report from Delhi, the government had received instructions to ease various guidelines to facilitate the import of 1.5 million tonnes of GM soymeal in the country. Following this, soymeal prices were seen under pressure in the Mumbai flour market today. However, the price of castor meal was quoted at Rs 200 per tonne, up by Rs 50 more today. There were indications that the rise in castor and castor prices had started amid a lack of rains at various manufacturing plants.

Mumbai spot castor oil prices jumped sharply by Rs 5 per 10 kg today and jumped by Rs 1,200 to Rs 12-13. While the price of castor present in Mumbai has gone up from Rs. Meanwhile, the revenue of mustard seed was 40 thousand times in Rajasthan and 1 lakh 3 thousand times in All India.

At Mundra-Hazira, there were indications that the prices of various deliveries were Rs.150 for palm oil and Rs.1210 to Rs.1200 for soyoil. However, in the castor futures market this evening, September futures prices stopped rising and fell by Rs 5 to Rs 4.