Edible oil prices are not likely to go upwards despite soya bean crop in the country remaining under severe moisture stress, said executives of leading fast-moving consumer goods (FMCG) companies. The prices are expected to be cushioned by good international supply. However, there may be a price hike in edible oils from December through April-May next year as the impact of El Nino in oil-producing countries is felt, they said.
The companies are worried about rice production in the country as many eastern states that produce non-basmati rice have not received good rains which may harm the standing paddy crop in the fields, according to a report by The Economic Times.