Stocks rose due to a significant increase in imports of various edible oils ahead of the festive season in the country

- Bhoo Bazar : Dilip Shah

- A new record has been created due to increase in imports: There are indications that the stock has been accumulated to meet the demand of the country for 45 days: Prices will remain under control.

There has been a reversal of trends in the agricultural sector in the country. Although there has been an overall increase in various agricultural products at home, the agricultural world still continues to rely on the import of pulses and edible oils as the domestic production is less than the internal demand in terms of pulses, pulses and oilseeds. The informants said. Due to this, the import of various pulses and various edible oils in the country has been seen increasing recently. Oil market sources said that palm oil, soya oil and sunflower oil are mainly imported in the country. With the beginning of the month of August, various festive seasons have started in India and the demand for edible oils and pulses in the country usually increases during the festive season. Due to this, importers in the country have recently reported a significant increase in the import of various edible oils ahead of the festive season. The global market has recently witnessed a dip in the prices of edible oils and taking advantage of this opportunity, Indian importers were reported to have made extensive import deals of various edible oils using foresight before the festive season. The import of palm oil in the country has increased to a 7-month high in the month of July and the market informants were saying that the flow of such imports was maintained even in the first fortnight of August.

As prices of various imported edible oils continue to fall in the oilseeds market recently, its impact has also been seen on domestic edible oils. In the Saurashtra markets, the prices of cotton washed recently fell below the level of Rs.900 per 10 kg, while the prices of cottonseed oil decreased in the edible oil markets of various cities of the country. This also saw a break in Singoil's higher price rally and a cautious tone followed the rally in Singoil. According to the news received from Malaysia, the total export of palm oil from there has increased by about 18 to 19 percent in the first 15 days of August. ITS sources said that the export of palm oil from Malaysia has increased significantly in this period in August as compared to this period in July. However, according to the sources of MSpec, the total export of palm oil from Malaysia has increased from 5 lakh 18 thousand 800 to 900 tons to 6 lakh 33 thousand 500 to 600 tons in the 15 days of August, since then there has been an increase of approximately 24 to 25 percent in the export of palm oil in this period. On the whole, the exports from there have increased and out of these exports, a lot of goods have been sent to India as well, the world market informants said. The Government of India has recently taken various steps to increase palm oil production in India and increase domestic palm fruit cultivation area to reduce reliance on imported palm oil. There were indications that the government was giving special attention to palm cultivation in the country, especially in Telangana state in South India.

Sources of the Solvent Extractors Association of India said that the current oil season in India started in October 2022 and the total import of various edible oils in the country has increased by about 25 percent during the nine-month period from October to July. In these nine months, the total import of various edible oils in the country has increased to around 121 to 122 lakh tonnes which was recorded to be around 96 to 97 lakh tonnes in the period of these nine months of 2021-22 in the previous season. Looking at the figures of nine months, the experts are showing the possibility of such imports increasing to a record 155 lakh tonnes in twelve months of the whole year. Before this, in the oil year 2016-17, a total of 151 lakh tonnes of various edible oils were imported into the country, which was considered a record at that time, and now this year, market sources are showing fears that such imports will break the old record and create a new record.