Back

India Edible Oil: Mustard, soybean prices rise as demand firm

Informist, Friday, Sep 29, 2023

 

By Yukta Mudgal

 

MUMBAI – Prices of mustard and soybean rose today because of improved demand. In Jaipur, Rajasthan, prices of MUSTARD seed were up 40-50 rupees at 5,875-5,900 rupees per 100 kg.

 

Arrivals of the oilseed remained steady at 325,000 bags (1 bag = 84 kg), local trader Rupesh Parekh said.

 

"The supply is lower than demand and even the government is not selling mustard at a lower price," Parekh said. "I think prices will rise even further in the market," he said.

 

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 the previous crop year.

 

In the case of SOYBEAN, prices of the old stock were up 25 rupees at 4,875 rupees per 100 kg in the key wholesale market of Indore, Madhya Pradesh. On the other hand, prices of the new stock were sharply up by 200–300 rupees at 4,000-4,600 rupees per 100 kg.

 

"The weather is favourable. The moisture content in soybean is very low, which lifted demand today," local trader Mukesh Mangal said.

 

Arrivals of the old stock were estimated at 1,000 bags, down from 1,300 bags on Wednesday. Arrivals of the new stock were at 3,000 bags (1 bag = 90 kg), said Mangal.

 

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 Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2023. All rights reserved.

Other News.

Facing negative net worth, Spencer’s Retail to shut loss-making stores

Informist, Thursday, Feb 22, 2024 –Source: Spencer's Retail to shut down all loss-making stores–Source: Spencer's Retail to focus only on Delhi, Kolkata, Hyderabad–Source: Spencer's Retail to shut stores due to accumulated losses–CONTEXT: Spencer's Retail consol net worth (-)5.1 bln rupees end-Dec–Source: Spencer's Retail to right-size ops at corporate level By Avishek Rakshit KOLKATA – Aiming to bounce back to the black […]

Himachal budget ups FY25 pension outgo by 10% on revert to old scheme

Informist, Thursday, Feb 22, 2024 By Krity Ambey NEW DELHI – Himachal Pradesh, in its Budget for 2024-25 (Apr-Mar), has raised the estimate of expenditure towards pension in the next fiscal year to 102.54 bln rupees, up 10% from the revised estimate of 93.18 bln rupees for the current fiscal. This comes on the back of the state's decision to switch to […]

Grasim launches Birla Opus paints, aims to be profitable in 3 years

Informist, Thursday, Feb 22, 2024 –Grasim launches paints business under 'Birla Opus' brand –Grasim Chairman Birla: Entered paints business on infra opportunity –Grasim Chairman Birla: Launching Panipat, Ludhiana, Cheyyar plants –Grasim Chairman Birla:Chamarajanagar plant to be launched by Apr-Jun –Grasim Chairman Birla: Kharagpur plant to be launched by Jan-Mar 2025 –Grasim: Launching services in Punjab, Haryana, Tamil Nadu in Mar –Grasim:To launch […]