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Indore Edible Oil Price: Partial slowdown in Soybean oil on pullback at higher prices IG News

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Indore edible oil price: Soybean oil fell by Rs 10-15 to Rs 895-890, Indore palm oil fell to Rs 908-910 per ten kg.

Author: Hemraj Yadav

Date of publication: Sunday, February 11, 2024, 02:35 (IST)

Update date: Sunday, February 11, 2024, 02:35 (IST)

Indore Edible Oil Price: Partial slowdown in Soybean oil on pullback at higher prices

Edible Oil Price in Indore: Representative Naiduniya, Indore. Soybean oil prices have moderated due to an increase in profitable sales of some plants amid a backlog of buyers due to high soybean oil prices. Soybean oil fell by Rs 10-15 to Rs 895-890, Indore palm oil fell to Rs 908-910 per ten kg. However, there appears to be little chance of a further recession.

In fact, it is expected that there will be a large production of soybeans on the South American continent in the current year. Production in Brazil improved last year, but drought in Argentina saw production fall to its lowest level in several years. Argentina has had a lot of rain this year and the soybean crop is expected to increase significantly.

It is worth noting that in terms of soybean production and export in the world, Brazil ranks first, Argentina ranks third, and America ranks second. Soybean production in Argentina is expected to peak at 520/530 million tonnes, more than double last year. Similarly, soybean production in Brazil is expected to be 1530 lakh tonnes.

It is worth noting that production in Brazil was earlier estimated at 1,640 lakh tonnes, but in some other northern states, including Mato Grosso, the most important producing province, the crop suffered severe damage due to less rainfall and very high temperatures, resulting in the production estimate was lower. In Brazil, preparations for the harvest of the new soybean crop have already begun and its supply has begun to increase rapidly, while in Argentina, the harvest of the crop is likely to begin next month.

India receives the most soybean oil from Argentina and Brazil, while Brazil imports the most soybean oil from China. Due to the possibility of better soybean production, the price of soybean oil has softened. Mandi Soybean quoted at Rs 4500, Mustard Nimari at Rs 6300, Raida at Rs 4800-5000, New Raida at Rs 4500 per quintal.

Low oil prices – (Price per ten kg) Indore Groundnut Oil 1480-1500, Mumbai Groundnut Oil 1490, Indore Soybean Oil Refined 895-900, Indore Soybean Solvent 850-855, Indore Palm 908-910, Mumbai Soya Refined 895-900, Soya Degum 820. , Mumbai Palm Oil 860, Rajkot Oil 2320-2330, Gujarat Loose 1450, Cottonseed Oil Indore 825 Rs.

Purchase price of vegetable soybeans – KN Agri 4600, Dhirendra Soya 4680, Prakash 4670, Neemuch Protein 4675, KP Niwari 4625, Lakshmi 4650, MS Salvex 4650, Pratishtha 4640, MS Pachor 4610, Khandwa Oil 4600, Dhanuka 4685, Living Foods 4660, Surya 4650, Hariom Refinery. 4665, Divya Jyoti 4610, KP Solvex 4625, Idea 4650, Ruchi were priced at Rs 4675 per quintal.

Cotton Cake – (60 kg Bharti) Indore Rs 1650, Dewas Rs 1650, Ujjain Rs 1650, Khandwa Rs 1625, Burhanpur Rs 1625, Akola Rs 2600.

  • ABOUT THE AUTHOR

    He started his career as a computer operator in Navbharat Indore in 1993. After that he joined Dainik Bhaskar as proofreader in 1995. In 1995, he worked as a page maker in the evening daily Agnibaan.

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