New Delhi: Oil and oilseeds saw a fall in supplies of mustard oil and oilseeds in Delhi markets amid a rally in overseas markets, leading to a fall in its futures trade. However, various edible oil prices, including soybean and CPO, registered a correction due to lower soybean prices. Traders said the Chicago Exchange gained 0.5 per cent and the Malaysia Exchange by one per cent.
Soyabean remained upper circuit for the third consecutive day. The prices have risen by around 18% in the last 3 sessions itself. There is a tight control on the supply of soybean, while the harvest is still more than two months away. Despite this, the industry is not considering such a rise in futures as justified. SOPA has written to the exchange alleging price rigging and sought appropriate steps to control the prices.
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Govt asks DoC to ban exports
Sources believe that the government should ask DoC to ban exports to meet the local demand. Due to increase in demand for soybean, the plant delivery price of grain has increased to Rs 9,225 per quintal in Neemuch, Rajasthan. At the same time, the plant delivery spot price of soybean grain in Nanded, Maharashtra has reached a record level of Rs 9,600. This has increased the difficulties of the poultry industry. The next crop of soybean will be harvested in October.
An expert from the SEA Rapeseed-Mustard Promotion Council said that there is a delay of about seven-eight months in the arrival of the next mustard crop and the current shortage of mustard is due to the preparation of mustard. March April. He said that the shortage of mustard would increase in the near future.
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