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Coronavirus Impact: Soybean Oil Costlier By 72 Percent In 11 Months | Soybean oil has become costlier by 72% in the last 11 months, food items may become more expensive in the coming days

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New Delhi3 hours ago

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According to the RBI, if the second wave of corona in the country is uncontrollable, then long-term restrictions on movement will continue. This will affect the supply chain. If this happens, inflationary pressure can increase. In addition, the National Commodity and Derivatives Exchange (NCDEX), the largest futures market for agri products in the country, is pointing to fast-growing inflation in the country. Accordingly, soybean oil has become costlier by 72% in the last 11 months. According to experts, inflation may increase further in the coming time.

NCDEX approaches 1435
The index of some major agricultural products on NCDEX i.e. Agradex has increased by 44% in the last 11 months. This shows how fast food and food prices have risen in the country. When it was launched in May, it was at 1000 points which has now reached 1435.

Soybean oil became costlier by 72% in 11 years
During the Corona period, the increase in consumption of oil and oilseeds has also led to a strong increase in its prices. In less than a year, the price of soybean oil has increased by 72%. Soybean prices in the country have crossed Rs 7,000 per quintal, which was close to Rs 4,500 last year. At the same time, if we talk about mustard, then it has crossed 6 thousand per quintal. Which was close to 4 thousand last year.

Generally mustard and soybean oil are used in food. In such a situation, the food plate of the common man has become expensive due to their being expensive. Apart from this, the spices and chana dal being expensive is also spoiling the budget of the common man’s kitchen. However, farmers are getting good prices for their crops.

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How was NCDEX Agradex in the last 11 months?

item Current rate How much increased in 11 months (in%)
Soybean 7080.0 87.11
Refined soya oil 1416.8 72.18
Mustard 6987.0 66.47
gram 5291.0 26.19
Cotton Seed Oilcake 2685.0 42.32
coriander 6720.0 14.29
cumin 13850.0 -0.25
Guarseed 4084.0 19.56
guar gum 6196.0 23.35
Casterseed 5210. 36.28

Agradex shows rising inflation in the country
Ajay Kedia, director of Kedia Advisory, says that Agradex grew by 24% in the first three and a half months of 2021. This rise in the index indicates the rising prices of agricultural products. He said that soybean has grown by 82% in the last one year.

Whenever the pressure on the economy increases in the country, inflation also increases.
Ajay Kedia says that it has always been seen that whenever the pressure on the economy increases due to corona epidemic or any other problem, inflation also increases. Even in 2008, there were situations of financial crisis in our country along with the whole world. Due to this, inflation had increased in the country and it took 2 to 3 years to control this inflation.

People doing food and drinks stores
Ajay Kedia says that lockdon has been pushed forward in many cities, so people are afraid that if this lockdadon goes long, then they may have a shortage of food and drink. For this reason, people are storing food and drink so that they do not have shortage of food even when the lockdown is running long. Due to people doing this, the demand for food items in the market has increased, it has also increased inflation.

Agradex can reach 1550
Ajay expects NCDEX to reach 1500 points by May. Investors would be advised to invest in it for good returns. If this index measuring commodity prices increases, then inflation will also increase. Its direct effect is going to fall on the pockets of the common people.

Started on 26 May
The index of some major agricultural products on NCDEX i.e. Agradex has increased 44% in only 11 months of business. NCDEX launched Agradex, an index based on the prices of 10 liquid commodities, on 26 May last year. These 10 agri commodities are Soyabean, Refined Soya Oil, Gram, Mustard, Coriander, Cumin, Cottonseed Oilcake, Guarseed and Guargam. It started on May 26 with 1000 thousand points, which has now reached 1,43 points.

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