As the dollar rose, the prices of castor oil and diwal rose on account of increased exports

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MUMBAI: Prices of various edible oils continued to fall slowly in the Mumbai oilseeds market today. The price of imported palm oil further decreased from Rs.905 to Rs.910 per 10 kg. There was a new demand. Crude palm oil CPO kandla prices fell from Rs.805 to Rs.810. Malaysia palm oil market was closed today.

While the price of American soy oil fell from 275 to 280 points overnight. Meanwhile, prices of divel and castor rose in the Mumbai spot market today.

As the rupee tumbled and the dollar rose, the market prices were held firm in the hope of increasing the export of diwali. Today, the prices of divel rose by Rs.5 per 10 kg and castor bean prices rose by Rs.25 per kg. Meanwhile, Mumbai Singoil prices fell to Rs.1650. On the Saurashtra side, cotton washed fell from 1210 to 1220.

Meanwhile, some market analysts have indicated that total import of edible oils in the country is likely to decline in the oil year 2022-23. It has been shown that such import is likely to decrease from 13 lakh 84 thousand tons to 13 lakh 65 thousand tons. The import of edible oils in India is likely to be significantly higher than expected in August, September and October this year.

And due to this, the estimated stock of imported edible oils in the country at the end of October will remain high. Due to this, forecasts have shown the possibility of a decrease in imports in the country in the oil year of 2022-23.

At home in India, the domestic production of soybeans, paddy and palm is also expected to rise in the new oil year. Returning rains will encourage mustard planting in rabi crop. Meanwhile, the informants were showing the possibility that Indonesia will not impose any restrictions on the export of palm oil and the relaxation in export duty will be continued even after October.

Meanwhile, the price of soybean oil in Mumbai market today was Rs.1110 for digum and Rs.1150 to 1155 for refined. The price of sunflower decreased to Rs.1250 and that of refined was Rs.1330. The price of mustard was reduced to Rs.1290 and that of refined was Rs.1320.

Soybean meal prices were Rs. 400 to 500 per tonne in the Mumbai market today. However, other laps were quiet. Meanwhile, overnight trade in the US agricultural markets indicated significant gains in soybean, soybean oil and soybean meal prices.

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