Sea-borne supply of various edible oils to the country has increased: 32 per cent import growth

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MUMBAI: The prices of various imported edible oils in the Mumbai oil-seeds market today remained lower after rising. There was a new demand. Imported palm oil saw fresh trades today after last week's significant trades for various deliveries. World market news was showing bullish selling.

In Malaysia today, palm oil futures fell by 175 to 180 points, while US soybean oil prices fell by 90 to 95 points in the projection today. Meanwhile, the import of edible oils in the country has increased to 140.30 lakh tonnes in the oil year November 2021 to October 2022 from 131.30 lakh tonnes in the previous oil year 2020 to 2021, the informants said. In 2016-17, such import in the country was a record 150.80 lakh tonnes.

In 2018-19, such imports were 149.10 lakh tonnes. In the following year, it decreased significantly to 131.80 lakh tonnes in 2019-20. Sources of The Solvent Extractors Association said that such imports were low in 2020-21 and again increased significantly in 2021-22. Imports have increased by 32 percent in October.

Meanwhile, the price of 10 kg of imported palm oil fell to Rs 980 in the Mumbai spot market today. Crude palm oil CPO kandla prices fell to Rs.895. The spot prices of soybean oil in the Mumbai market today fell to Rs.1350 for digum and Rs.1380 for refined.

Refined sunflower prices fell to Rs.1550. Meanwhile, Mumbai single oil prices were calm at Rs 1,530 per 10 kg while cottonseed oil prices rose to Rs 1,380. The price of mustard was Rs.1450 and refined was Rs.1480.

Mumbai spot divel and castor castor prices saw a slow decline today while castor futures saw a slow recovery. Castor bean prices were soft by Rs.100 per tonne in the Mumbai khol market today, while soybean meal prices rose by Rs.800 per tonne. However, other laps were quiet.

Meanwhile, in Saurashtra today, single oil prices stood at Rs.1525 and 15 kg at Rs.2425, while there the price of washed cotton stood at Rs.1315 to 1325 amid slow decline.

Traders association Maha Sangh has formulated a strategy against the increased harassment by the Food Safety Department of edible oil traders in Mumbai Maharashtra. An action committee has been formed. Government officials and political leaders have started meeting. Fasting is also going to start from 23rd. A call for bandh on 26th may also be made.

All India receipts of new cotton today came to 1 lakh 18 to 19 thousand bales. Soybean income today was 3 lakh 50 thousand times in Madhya Pradesh and 3 lakh 20 thousand times in Maharashtra. The income of mustard was 1 lakh 40 thousand times in Rajasthan and 3 lakh 75 thousand times in all India.


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