Earlier this week, businessline reported how urad crops were sold below MSP due to high level of moisture and damage following heavy rains in September.
How much levy on Palm & Soyabean oil is ‘nil’?
The government on September 13 increased the duty on crude palm, soyabean and sunflower oil to 20 per cent from ¡®nil¡¯ and the levy on refined palm, soyabean and sunflower oils to 32.5 per cent from 12.5 per cent.
Why did soyabean price drop?
The price drop in soyabean is due to expectations of a big crop as fresh arrivals have started, Pathak said. Besides, there is a low chance of export of soyabean de-oiled cake after the turmoil in the Middle East caused uncertainties for export to Iran, which is a big market for India, he said.
What was the price of soyabean in India on September 12?
On September 12, the all India average mandi price of soyabean was ?4,521/quintal, groundnut was ?5,885/quintal and sunflower ?4,874/quintal. ¡°The import duty hike was timely and it has helped a lot, otherwise the price drop would have been more,¡± said D N Pathak, Executive Director of the Soybean Processors Association of India (SOPA).