Winds of decline in imported edible oils: Fear of government action

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(Gujarat News Office) MUMBAI: Prices of various imported edible oils moved lower in the Mumbai Oilseeds market today. The new demand was wing. World market news was showing a retreat. The market was watching the events in Russia-Ukraine. Soyoil prices fell by 120 points in overnight trade in US agricultural markets. As a result, palm oil prices in Malaysia are now expected to open lower on Monday, experts said.

In the Mumbai spot market today, the price of 10 kg of imported palm oil fell by Rs 150 while crude palm oil CPO Kandla fell by Rs 1,200. Soyoil prices fell to Rs 150 for digam and Rs 15 to Rs 150 for refined. The price of refined sunflower was quoted at Rs.

However there were new deals wings in the sunflower amidst the present Mali shortage. Meanwhile, prices of mustard and domestic refined oil declined by Rs 150 and Rs 150, respectively. Peanut oil was priced at Rs 120 and cottonseed oil at Rs 120. On the Saurashtra side, the price of cingulum oil was Rs 15 to Rs 1,200 and for 15 kg it was Rs 60 to Rs 70 per kg, while there was news of cotton washed at Rs 15 to Rs 1,200.

Prices of castor castor and castor were present in Mumbai today. Meanwhile, prices of groundnut flour, sunflower flour, soymeal flour and soymeal flour remained soft at Rs 500 per tonne, Rs 500 and Rs 500 per tonne, respectively, while castor flour prices were quoted at Rs 200 higher. However, others were hitting the ground running.

Meanwhile, the Indian government is concerned about the recent record short-term rise in edible oil prices following the Russia-Ukraine war. This question was reported by a meeting of representatives of top edible oil traders, importers and manufacturers, refineries with the Union Minister of Commerce and Food in Delhi. Earlier in the day, the government had reduced import duty and imposed stock limits, but with market prices soaring, there were indications that the meeting would discuss what measures to take now.

About 60 per cent of India's total sunflower oil imports come from Russia and Ukraine, and such imports have been disrupted recently. The meeting also discussed whether to reduce import duty further, sources said.

At Mundra-Hazira there were indications that the prices of various deliveries were between Rs.150 to Rs.150 for palm oil and Rs.150 to Rs.150 for soyoil. Mustard's revenue today was 3 lakh 3 thousand times in Rajasthan and 9 lakh times in All India. In Rajasthan, the price of mustard fell to Rs. Rooney's income was All India 3 thousand bales.

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