Fear of increase in import of edible oils if rains reduce the crop

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(Gujarat News Office) MUMBAI: In the Mumbai oilseeds market, cingulum oil prices rose today behind the scenes. Cottonseed oil was also gaining ground. Prices of various imported edible oils were also quoted. The manufacturing plants were waiting for the rains. Meanwhile, soybean and soymeal prices rebounded today. Amid the possibility of overseas imports rising as the government eases certain conditions for GM soymeal imports, soymeal prices in the Mumbai flour market today fell by an additional Rs 2,000 per tonne to around Rs 200.

Soymeal prices fell by about Rs 6,000 in two days, market sources said. Soybean futures fell 4 per cent today and then fell nearly 6.5 per cent in the evening.

In the Mumbai spot market today, the price of 10 kg of cingulum oil jumped to Rs 150 while the price of cottonseed oil rose to Rs 1,215. Mustard oil prices were quoted at Rs 1,610 and refined at Rs 150. Today, the price of cingulum oil rose by Rs 120 and Rs 30-40 per 15 kg, while that of cotton was Rs 15-150 per kg. Meanwhile, castor and castor oil prices were on a downward trajectory.

Castor September futures prices were quoted at around Rs 4,130, down from Rs 4 in Kiev today, while Mumbai spot castor prices were quoted at Rs 415 with Kiev at Rs 4. Mumbai spot castor oil prices fell by Rs 20 per 10 kg today, the variety was quoted at Rs 15 to 18. In the Mumbai flour market today, the price of castor flour, however, was Rs 50 per tonne. The price of groundnut flour fell by Rs 1,000 per tonne and that of sunflower flour by Rs 1,000 per tonne.

The cottonseed meal was quiet. In the Mumbai spot market, imported palm oil was trading at Rs 150 today. New trades were slow. Crude palm oil CPO Kandla was priced at Rs 1,405. In the Mumbai spot market, soyoil prices ranged from Rs 150 to Rs 12 for digam and Rs 1,305 for refined. Sunflower prices rose to Rs 150 and refined to Rs 1,200.

In the world market, palm oil futures in Malaysia today were in the 11, 11, 2 and 3 point plus. There, the price of palm products went up by ૫ 8 to ૨ 13.50. Soybean revenue in Madhya Pradesh today was 8,000 times and All India was 20,000 times. In Madhya Pradesh, the prices ranged from Rs.500 to Rs.200 per quintal.

At Mundra-Hazira, prices of various deliveries ranged from Rs 15 to Rs 12 for palm oil, Rs 1,200 to Rs 1,310 for soyoil and Rs 150 to Rs 12 for sunflower. In Gujarat, the income of castor was recorded about 30,000 times and the price of castor was Rs. Prices were soft at Rs 70 today. Experts were also pointing out that imports of edible oils are likely to increase further if domestic production declines due to erratic rainfall in India. Concerns have been raised for groundnut and cotton crops.

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