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India Edible Oil: Mustard, soybean fall on poor demand, high imports

Informist, Monday, Oct 9, 2023

 

By Yukta Mudgal

 

MUMBAI – Mustard prices fell today in the benchmark markets of Jaipur, respectively, due to poor demand, said traders. Soybean prices in Indore also declined as an increase in imports weighed on sentiments. 


In Jaipur, Rajasthan, MUSTARD seeds were at 5,750-5,875 rupees per 100 kg, down by 25 rupees from Friday, said local trader Rupesh Parekh.

 

The arrival of bags remained unchanged at 400,000 from Friday (1 bag = 84 kg), Parekh said.

 

"We are not expecting any highs and lows in the market. The prices may see a rise or fall by only 25–50 rupees in the upcoming days," said Parekh.

 

In its third advance estimate, the government has pegged the country's mustard seed production in 2022-23 (Jul-Jun) at 12.5 mln tn, against 12.0 mln tn in the previous crop year.

 

SOYBEAN prices in Indore, Madhya Pradesh, were at 3,600-4,400 rupees per 100 kg, down by around 400 rupees from Friday, said local trader Mukesh Mangal.

 

The arrival of bags remained unchanged at 6,000 from Friday (1 bag = 90 kg), Mangal said.

 

"The prices have been fluctuating for the past few days. The imports of edible oil have affected the prices in the domestic market," said the Indore-based trader.

 

According to the agriculture ministry, soybean acreage so far this season is 12.6 mln ha, compared to 12.5 mln ha in the corresponding period last year.

 

The government has pegged total oilseed output in 2022-23 (Nov-Oct) at 41.0 mln tn, against 38.0 mln tn in the previous oilseed year. End

 

Edited by Vidhi Verma

 

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