Rumors of soybean sales in the country have reduced the price of edible oil. Last week, oilseeds prices were down in the country. The main reason for this was rumors of sales of soybeans by co -operative agency Nafed from April 21 and government sales of peanuts in Gujarat. These reports spread panic in the market, which affected business prices and reduced oilseed prices.
According to market sources, the government in Gujarat is selling peanuts, which was already sold at 17-18% less than the minimum support price (MSP). Now rumors of soybean sales by Nafed have put more pressure on the market. Because of this, the price of crude palm oil dropped from $ 1,125-1,130 to $ 1,100-1,105 per ton. Although the price of soybean diggam increased from $ 1,105-1,110 to $ 1,115-1,120 tonnes, rumors weakened its strength.
The government increased the import duty on the soybean digam by Rs 81 per quintal, which was expected to strengthen prices, but the panic atmosphere failed. Due to the poor economic conditions of importers, they are selling soybean oil at a lower price than the cost, which is further declining in the market. Mustard oil, which was already 4-5% from MSP, and peanut oil could not escape the reduction.
SOPA sought to ban sales
SOPA, an organization of soybean oil industry, has sought the government to ban the sale of nafed soybeans, as this could affect sowing. Experts have also warned of damage due to such sales.
There is no strong support for peanuts and mustard, which has led to the confidence of the farmers. Earlier, the cultivation of sunflower and peanuts was in full swing in Andhra Pradesh, but due to lack of faith, it was almost destroyed. Now the country has become completely dependent on imports for sunflower oil.
Sources said that the benefit of decline in wholesale prices is not reaching the normal customer. For example, peanut oil is low in wholesale price, but in the retail market it is being sold at a price of about Rs 195 per liter. Government and oil organizations have to pay attention to how the benefits of this reduction reach the customers.
