Till the next sowing of soybean, the cooperative institution Nafed's selling and the rise in demand, due to the decrease in the arrival of their oilseeds, the prices of raw palm (CPO) and palmoline and cottonseed oil were closed strongly in the country's oil-oilseeds market on Saturday. The prices of mustard and peanut oil-oilseeds remained at the east level amidst dull business.
Market sources said that Nafed has banned the sale of soybean till the next sowing of soybean. Due to this, the farmers of soybean have now started increasing the hope of getting good prices of soybean, whose spot price was running much below its minimum support price (MSP). Farmers have also reduced the arrival in the hope of good prices. On the other hand, the demand for the upcoming festivals and the wedding season has started increasing gradually. In this situation, the price of soybean oil-oilseeds improved.
He said that the price of raw palm and CPOs in Malaysia is being spoken high, but in reality it is difficult to find buying on this price. Palm, pamoline is also improved due to high prices. The availability of the cottonseed and its arrival in the mandis is weak, due to which the price of cottonseed oil is improved.
Sources said that the prices of mustard and peanut oil-oilseeds remained at the east level amidst the dull business due to annual accounting. The business of these oils will be decided in the next few days. By the way, there is a demand in the market and in view of the festival of Navratri and the wedding season, the demand is expected to move forward. At present, the prices of mustard and peanut oil-oilseeds remained at the east level.
He said that at present, the prices of sunflower and pamoline, which are considered to be the alternative to cottonseed, are quite high. Due to this high price, sunflower and pamoline's livelihood are less. Due to this situation, cottonseed oil price improved.
