Soybean production is expected to decrease in Brazil and Argentina. Due to this, soybean oil prices rose.
Edible oil prices rise today
Groundnut and soybean oil oilseeds, cottonseed, CPO, palmolein oil prices have seen a correction in the Delhi oil-oilseeds market on Friday due to the rise in foreign markets. On the other hand mustard (Mustard OilThe prices of mustard oil oilseeds closed with a fall due to increase in arrivals in the mandis of the new crop. Today all except mustard edible oils ,edible oil) has been observed to increase. The industry has estimated that there has been a sharp increase in the area under mustard this year. Due to which the production of mustard in this season (production) could reach record levels. Due to these signs, there is a softening in mustard.
how was today’s market
Traders said that the Chicago Exchange was trading up 0.1 per cent and the Malaysia Exchange 0.6 per cent. There is a strong trend in the market abroad. In view of this boom in the foreign markets, the prices of oilseeds, except mustard, improved. The arrival of the new crop of mustard increased to about three lakh bags in the mandis on Friday, which was the main reason for the fall in mustard oil oilseeds prices. Sources said that along with reducing the import of edible oils, the government should emphasize on increasing oilseeds production to achieve self-sufficiency in oilseeds sector. COOIT (Central Oil Industry and Trade Organization), a major organization of oil industries, has also demanded from the government to increase the area under cultivation of oilseeds especially mustard, as well as encourage the farmers of oilseeds producing. It believes that by emphasizing on increasing oilseeds production, not only will employment opportunities in this sector increase, but it will also save a large amount of foreign exchange spent on imports.
Prices rise on the indication of decline in soybean production
Soybean production is expected to decrease in Brazil and Argentina. With this information also, soybean oil prices rose. Due to the strengthening of soybean oil prices, the prices of soybean grain and loose were also seen firm. The prices of rest of the oilseeds remained unchanged. Industry estimates that at present there are signs of increase in prices in foreign markets, but there will be relief in mustard in the coming times as soon the arrival of new crop will be faster and the work of processing it will be faster. Mustard harvesting is expected to pick up pace from the end of February.