The effects of the Russia-Ukraine War are being felt in India as well. Oilseeds and edible oil prices in India have gone up. Soybean prices have risen by around Rs 1,000 in the last four days. The hike is likely to continue in the coming days.
The price of soybean, which had touched Rs 10,000, had fallen after some time. Rates have not risen that much yet. This had an impact on soybean arrivals in the market. However, in the last four days, there has been a slight increase in rates, which has led to an increase in revenue. Soybeans have crossed 7,500 for the first time in four months. Russia and Ukraine war situation is the reason for the price hike. This is where 60 percent of the world's sunflowers grow. In a country like India, 75% of edible oil is imported. Ukraine has stopped importing large quantities of oil to India. Ukraine was largely meeting the world's DOC needs. Currently DOC is not coming. The whole world has turned to India to meet this deficit. It is hoped that this will result in better prices for all oilseeds, including soybeans.
"India imports about two lakh ton per month of sunflower seed oil and at times it goes up to three lakh tons per month. India is dependent on edible oil imports to the tune of about 60 per cent. Any global development will have an impact," said Sudhakar Desai, President, Indian Vegetable Oil Producers' Association (IVPA).
The highest price of soybean was Rs 7560 per quintal in the Agricultural Produce Market Committee of Latur. This is the highest price hike in the last two-and-a-half months.
Taking advantage of the rise in prices, up to 1 lakh quintals of goods have entered the market in the last four days. If inflation continues at such a pace, it is expected that the inflow of goods will increase and prices will fall again. For this reason, goods are being brought to the market early. This boom has come after three months. Soybeans have always had a high price in the Latur market in the state.