Turbulence rules roost as crop hopes rise

In Focus/Edible Oil

 Prices have been declining mainly because of expectations of a larger crop this year beginning end-October following good rains throughout the country.

 The price of groundnut oil has declined 7 per cent from Rs 550 to Rs 510 per 10 kilogram since the beginning of July, while ricebran oil has lost about 3 per cent from Rs 375 to Rs 365.

 Sunflower expeller oil has declined about 9 per cent from Rs 455 to Rs 415, while sunflower refined has shed about 4 per cent from Rs 495 to Rs 475 and sunflower solvent refined about 4.25 per cent from Rs 470 to Rs 450.

 Prices of rapeseed refined oil has declined 5 per cent from Rs 525 to Rs 500. Soyabean refined oil has slipped 4.28 per cent from Rs 397 to Rs 380, while soyabean crude has fallen 4.76 per cent from Rs 397 to Rs 380. Sunflower crude prices lost about 9 per cent from Rs 455 to Rs 415 during the same period.

 RBD palmolein was the only oil that remained stable. Coconut oil bucked the overall trend and emerged a gainer with its prices rising 5 per cent from Rs 585 to Rs 615 since July. The price is also the highest in last three years and 8 months.

 The crop disease that hit copra production in the last two years has led to decline in copra availability not only in the volume terms but also in terms of quality.