Decline and Closure

First Real Break CRACKS had, of course, appeared earlier, but groundnut oil prices have had their first real break of the season only this week. From a high of Rs 5,000 (per tonne) on Saturday morning (October 17), the spot quotation for groundnut oil in Bombay was marked down to a low of Rs 4,250 by Monday evening; later it recovered to around Rs 4,500. The all-time high of Rs 5,675 recorded in the last week of September has now been left far behind and one cannot be too sure whether this will at all be repeated even during the fag-end of the current season next year. For, thanks to the highly satisfactory weather conditions this time, oilseeds production will set a new record unless, of course, some misfortune overtakes the rabi crop which is now off to a good start. The overall supply position of edible oils promises to be reasonably satisfactory. Comfortable it has never been and it will not be unless there is a real breakthrough in pro' duction. If the authorities can check speculative tendencies, consumers might look forward to cheaper supplies of edible oils this season.