Edible Oil: Price may Go up in International Market as well as Domestic

Edible oil prices may go up

With the combination of weather and farmers not getting better prices, oilseed yields in India will be around 10 percent less. So next year, the cost of oiling oil prices may take place. It is believed that Godrej International's Director Dodhan Mistry In an interview given to a private channel, the need to promote GM crops along with better prices for farmers to increase yield of oilseeds.

Bose further said that the government has failed to provide MSP to the farmers. By not getting the price, the farmers are reducing the cultivation of oilseeds. India should promote GM mustard cultivation. Farmers will benefit from GM crops. It is getting reduced in India only due to the good yield of oilseed in the world. Eating oil will be expensive in 2018. Governments work for farmers not for consumers. It is not okay to ignore agriculture. Not only is the announcement of MSP, there is a lot to be done to increase yield of oilseeds.

On the other hand, Pasha Patel, Chairman of State Agricultural Value Commission of Maharashtra also believes that without educating the farmers' income, the growth of agriculture is not possible and the present government is trying to benefit the farmers by controlling FARAN trade for the first time. He said that the demand for states on MSP is different, there is a need to improve the MSP system.

India's edible oil import likely to be 15.2 million tonnes

Mumbai: Mr. Mistry says that India's food import bill is likely to exceed 15.2 million tonnes in 2017-18. Mistry says that the duty on imports of edible oils is not relevant because the industry's estimates in the country will reduce the crushing of oilseeds.

According to Mistry, India's oil imports are expected to exceed 15.2 million tonnes but they did not tell what the actual data would be. They are here to participate in Glob India and they will presented their oil analysis. Explain that many experts have estimated that India's edible oil imports will be close to 15.0-15.2 million tonnes in 2017-18 as the country will have carry over stock of soybean near 1.5 million tonnes this year, which will be crushed next season.

Mistry also says that Indian oil meal will be costlier than Argentina, USA and Brazil with the high cost of raw material. Due to this, the demand for Indian oil meal in the international market will decrease, where oil crushing will decrease, oil production will also be reduced. Import duty on edible oils is not an issue, India will increase both its productivity and production. He said that USA, Brazil and Argentina are using GM seeds, which has increased their production and productivity. India should promote GM Mustard to increase production and productivity.

Edible oil prices up in domestic markets at a record high of 6 months

At the festive season, there has been a storm surge in food oils and the price of the domestic market has gone up to the last 6 months. Crude palm oil and soy oil are trading at nearly 6 months upper level. Since import duties have increased on food oils last month, their prices have increased by almost 10 percent. It is believed that due to the weakening of the monsoon in the current season and due to floods in some parts of the country, reduction in production of oilseed crops can be recorded. According to the figures released by the US Department of Agriculture on Tuesday, there can be a shortage of 2.6 million tons in India before the production of oilseed crops. According to the report, the production estimate of oilseed crops in India in the month of July was 38.6 million tonnes, which was reduced to 36 million tonnes by August. There is a decline in the sowing data of the Government of India issued on 8th September. In this, experts believe that demand in the coming days can be seen in the future, which could increase the purchasing power in edible oils.