Edible oil price in Indore: Oil prices have risen due to closure of markets and shortage of soybean supply for plants.
Edible Oil Price in Indore: Naiduniya Representative, Indore. Due to the Diwali holiday, most markets in the state are closed until Saturday. In such a situation, the arrival of soybeans almost stops, while the soybean stock in the plants almost decreases. As a result, the plant is not ready to sell soybean oil at low prices. On Tuesday, the price of soybean oil in Indore was fixed at Rs 965-970 per ten kg.
Demand for edible oils slows down after Diwali. Soybean arrivals are also expected to increase once markets open. As a result, there may be a partial correction in soybean and oil prices during that period. It is believed that this time since soybean production and carryover are lower than last year, a prolonged soybean slump is not expected throughout this month.
Given the strong demand for soybean meal and the high cost of importing soybean oil, there is currently little room for a significant decline in soybean prices. Hence an increase of Rs 150-200 can be seen in the price of soybean. Here, palm production in Malaysia in October increased by 5.89 per cent, three per cent above the trade estimate.
However, the report on increased production was overshadowed by strong exports, as exports rose by 21 percent in October, while the survey expected exports to increase by 8 percent. Trade in palm oil stocks increased less than expected due to higher exports, and palm oil stocks increased by 5.84 percent at the end of October, while the survey expected an increase of 10-12 percent.
