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India Edible Oil: Mustard down in Jaipur, soybean prices rise

Informist, Friday, Apr 21, 2023

 

By Arunima Bharadwaj

 

NEW DELHI – Prices of mustard fell today in Jaipur, Rajasthan, while those of soybean rose in Indore, Madhya Pradesh on firm demand, market participants said.

 

MUSTARD seed was sold at 5,450-5,475 rupees per 100 kg, down 75 rupees from Thursday despite a decline in arrivals, said Rupesh Parekh, a Jaipur-based trader.
 

In Jaipur, mustard arrivals were pegged at 450,000 bags (1 bag = 50 kg), down 50,000 bags from Thursday. Total arrivals across the country were pegged lower at 825,000 bags compared with 900,000 bags on Thursday, Parekh said.

 

In its second advance estimate, the government has pegged the country's mustard production in 2022-23 (Jul-Jun) crop year at 12.8 mln tn against 12.0 mln tn the previous year.

 

In Indore, SOYBEAN prices were 5,200-5,470 rupees per 100 kg, up 20 rupees from Wednesday, said Mukesh Mangal, a local trader. Markets reopened today after being shut on Thursday on account of 'Amavasya'. Arrivals of the oilseed, however, were pegged at 1,500 bags, up 300 bags from Wednesday.
 

Last week, soybean arrivals were about 64,300 tn compared with 42,200 tn the week before because of higher demand for crushing, analysts at Kotak Securities said in their daily report.

 

Currently, domestic soybean prices are down by about 32% on year due to higher edible oil stocks and prospects of higher oilseed production, the report said.

 

Soybean prices are expected to trade in the range of 5,450-5,650 rupees per 100 kg due to higher meal export demand.

 

The US Department of Agriculture has scaled down its estimate for global production of oilseeds in 2022-23 (May-Apr) to 625.4 mln tn from 629.9 mln last month. The agency projected global soybean output in 2022-23 at 369.6 mln tn, 6 mln tn lower than the estimate in March.  End

 

Edited by Maheswaran Parameswaran

 

 

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