Israel-Iran war: India rapeseed sales shift to private traders as war lifts edible oil prices

Mumbai: Indian farmers are selling rapeseed to private traders as market prices remain well above government procurement rates, driven by a rally in edible oil prices linked to the Iran war. Domestic oilseed prices in India, the world's largest importer of vegetable oils, tend to track international benchmarks, which have surged on expectations that the conflict will boost edible oil use in biofuels. The private sales are accelerating the pace of rapeseed crushing in India, easing reliance on costly imports of palm oil, soy oil and sunflower oil, which account for nearly a third of its cooking demand. "In the open market, we're getting around 7,000 rupees, so there's no point going to government procurement centres," said Roop Singh, a farmer in Bharatpur district in the northwestern state of Rajasthan, the country's biggest rapeseed producer. State-run agencies buy crops from farmers at the minimum support price, set at 6,200 rupees per 100 kg for rapeseed mustard. Live Events ...