Edible Oil may trade upside
September 12, 2017 at 12:56 PM ,
Rainbow Exports
Edible oil production Targeted 11 million tonnes in the year 2021-22 110
New Delhi: Rating agency ECRA says that in the next five years, the production of edible oils in the country will reach about 11 million tonnes in the year 2021-22 by improving the production of oilseeds and its yields. This total production is 8 million tonnes in the financial year 2017.
According to the report of ECRA, by the year 2022, demand of edible oils will reach around 29 million tonnes, while it is 24 million tonnes in the year 2017. According to the agency, in the year 2022, import of edible oils will reach around 16 million tonnes, which is 14 million tonnes in the year 2017. However, it has been said in the report that the ratio of total imported edible oil consumption which is now 60 per cent will be reduced to 55 per cent.
The government is focusing on increasing the production of oilseed in the country. Yields are being improved by the steps taken under several schemes. However, the improvement in oil production is not as much as we need. The reason for this is limited availability of quality seeds, inadequate infrastructure and less economic concessions to farmers. Supply of seeds requires immediate improvement. It has been said in the report that in the year 2017, the industry has received help from the good monsoon and there is a possibility of increase in production in the financial year 2018.
Edible Oil may trade upside
The prices of soybean can be seen steadily, due to the demand from mills, buying can be seen in soybean in the coming days. On the other hand, demand of poultry industry is also coming out in the markets. Due to good market, millers are buying soybean at higher prices. According to traders, the work is being done this time in soya bean arrivals this year, usually in the markets every year approximately 110,000 to 120,000 ags are seen in the arrivals, but this year 75,000 to 85,000 bags arrivals. It is being recorded that, according to the same knowledge, prices of mustard can also be seen at the level of US$609 per mt. in the coming days and the prices of refined soya can be seen in boom. The prices are rising in the Indore mandi, which is expected to show that the market is trading in at fast pace and will to up sharply.
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