Krishi VaartaOutlook Agriculture
Center allows import of 30 thousand tons of cheap soy oil
The central government has approved the import of 30,000 tons of cheap soy oil from Paraguay at an import duty of 10%. This information came from a notification issued by the Directorate General of Foreign Trade (DGFT). The vice president of the Soybean Processors Association of India (SOPA) stated that there is a 35% import duty on imports of soy oil while the government has approved imports from Paraguay at a 10% import duty. This will affect the prices of edible oils and oilseeds in the domestic market.
Oilseeds prices in the mandis of producing states remain below the minimum support price (MSP) due to cheap imports. Soybean prices in producer mandis are Rs 3,650 to Rs 3,700 per quintal while the Center has fixed the MSP of soybean at Rs 3,710 per quintal. Mustard prices range from Rs 3,800 to Rs 3,900 per quintal while mustard MSP is Rs 4,200 per quintal. Imports of edible and non-edible oils increased by 26% to 14,12,001 tonnes in July, compared to 11,19,538 tonnes in July last year.
Source - Outlook Agriculture, 19 August 2019
If you find this information useful, click on the yellow thumbs up sign under the photo and also share this with your farmer friends using the options given below.