Big news for common people of India. Soybean oil, along with crude palm oil (CPO), palmolein, and cottonseed oil, saw a strong performance in the country’s oilseeds market on Saturday. This surge was driven by the cooperative institution NAFED halting soybean sales until the next planting season, coupled with farmers cutting back on their oilseed supply in response to rising demand. Meanwhile, the prices for mustard and groundnut oilseeds remained stable due to slow trading activity.
Farmers have ceased selling soybean
According to market sources, NAFED’s decision to stop soybean sales until the next sowing has led farmers to anticipate better prices for soybeans, which have been trading significantly below the minimum support price (MSP). In light of this, farmers are limiting their supply, hoping for improved prices. Additionally, demand is gradually increasing with the upcoming festival and wedding season. As a result, prices for soybean oil and oilseeds have started to rise.
In Malaysia, crude palm oil and CPO prices are reported to be high, but finding buyers at these rates is proving challenging. This price increase has also positively impacted palm and palmolein. However, the supply of cottonseed is low, which has led to a rise in cottonseed oil prices.
Sources indicate that mustard and groundnut oilseeds have maintained their previous price levels amid sluggish trading due to the annual account closing. The market trend for these oils will likely be determined in the coming days. Nevertheless, demand remains strong, and with the Navratri festival and wedding season approaching, further increases in demand are anticipated. Currently, prices for mustard and groundnut oilseeds are stable.
Additionally, sunflower and palmolein prices, which are alternatives to cottonseed, are quite high at the moment. This has resulted in lower buyer interest for sunflower and palmolein, affecting the price of cottonseed oil.