Import Duty Oilseed

Bunge's agribusiness segment, which represents over 80% of its total revenue, saw adjusted core earnings decline to $364 million in the fourth quarter from $639 million a year earlier

Prices of oilseeds and edible oils jumped by up to 3.5 per cent in spot and futures markets on Monday, due to apprehension of lower supply after an increase in the Customs duty, to curb cheaper import.Cotton seed oilcake futures for delivery in September jumped by 3.5 per cent on the National Commodity & Derivatives Exchange, to trade at Rs 1,499 a quintal. Soybean in the spot Indore mandi jumped 1.5 per cent to Rs 3,021 a qtl, compared to Rs 2,971 a qtl on Friday. All other oilseeds moved up, albeit marginally.The Union ministry of finance on Friday announced an increase in import duty on both crude and refined edible oil, a demand the seed crushing and refining industry had been making for months. The duty on crude and refined oil was raised to 15 per cent and 25 per cent, respectively, from the earlier 7.5 per cent and 15 per cent."Edible oilseed and oil prices have jumped over the past few days to surpass the benchmark minimum support price (MSP). Even today, these firmed up ..