Record planting of oilseed crops but heavy rains have caused major damage to the crop. The rise in edible oils has started due to cuts in production of oilseed crops and poor quality of new goods. Edible oils have increased by an average of 75-100 per can in ten days. Despite the opening season of Singtel, today it has gone up by another 30-40 to Rs 2200 and has gone up to Rs 2230. Side oils are also on a bullish trend. With cingulum oil being considered the base for a boom-bust in edible oils, market experts say it will be difficult for cingulum oil to reach below 2000 in the new season.
Along with groundnut oil, prices of cottonseed, palm oil and soya oil have also remained strong. The can of cottonseed oil has also increased to 1780 near 1700. The government has increased the support price to Rs 5,275 per quintal. The purchase target is also high which will result in higher parity of cingulum oil to the mills. 4.30 lakh farmers from Gujarat have registered for purchase at the support price. NAFED will buy from October 21.
Since the millers do not have parity, only 50% of the mills are started
Soma president Kishore Virdia said that with the high price of groundnut, the oil percentage is not enough and there is an average disparity of 150-200 per can. Due to the shortage of good goods and losses on the other hand, crushing has started in only 50% of the 750-800 oil mills in Gujarat. The mills that are being crushed are also running only 3 days a week.
Annual production of Singtel in Gujarat is 5.5-6 lakh tonnes
The groundnut crop in Gujarat will be 55-58 lakh tonnes with the production falling short of the estimated 35.45 lakh tonnes. If Ravi is estimated at 1.5 million tonnes, the total availability of groundnuts in the country could be around 72 lakh tonnes, out of which 7-7.25 lakh tonnes of groundnut oil can be produced, of which 5.5-6 lakh tonnes is estimated to be produced in Gujarat.
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