Oilseeds prices soften due to fall in foreign prices, fall in soybean, palmolein
Most oilseeds, including mustard, soybean and palmolein, closed at a lower price in the Delhi oil-oilseeds market on Tuesday amid a declining trend in foreign markets, while the rest of oilseeds remained at their previous level.
Traders said that the Malaysia Exchange and the Chicago Exchange lost around one per cent each. He said that due to the breakdown of foreign markets, the futures price of soybean has also declined. In NCDEX Indore, the price of October contract of soybean has been quoted below the spot price of soybean by Rs 31 per kg.
He said that despite domestic festive demand due to fall in foreign countries, the prices of Mustard Dana, Sarson Dadri, Sarson Pakki and Kachchi Ghani, Soyabean Oil Oilseeds, Cottonseed and Palmolein Oils closed softly, while crude palm oil (Crude Palm Oil) due to demand. CPO) and groundnut prices remained unchanged.
Sources said that it has become necessary to increase the production of oilseeds in the country as in this case it is not appropriate to depend on imports for almost 70 per cent of our requirements. Due to such massive dependence, the country may have to bear the arbitrariness of foreign companies.
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