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NCDEX tips, Oilseeds see sharp increase in prices on restocking by crushing mills
India's hike in import duty has led Malaysia to suspend export taxes on crude palm oil for three months effective January 8
Two major Kharif season oilseeds have seen a sharp increase in their prices after the government in mid-November raised the import duty on edible oils, to protect farmers.
While soybean has become costlier by 19.4 per cent to Rs 3,303 a quintal, groundnut is up eight percent since November when the government announced a duty hike, to trade currently at Rs 4,700 a qtl. Quoting at the time below the Minimum Support Price, both leading oilseeds of the Kharif harvesting season have since jumped to trade above this benchmark (Rs 3,050 a QTL for soybean and Rs 4,500 a QTL for groundnut).
Prices of other oilseeds have also moved up, albeit less. The turnaround has cheered farmers and stockists alike. Oil mills have also started stocking before a further price spike.
Both ways, farmers would benefit, presumably encouraging them to bring more area under oilseeds next season.
India's hike in import duty has led Malaysia to suspend export taxes on crude palm oil for three months effective January 8.
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