Informist, Tuesday, Jun 6, 2023

By Arunima Bharadwaj

NEW DELHI - Prices of soybean fell today in Indore, Madhya Pradesh, after arrivals of the oilseed increased. Prices of mustard were down in Jaipur, Rajasthan, due to sluggish demand, traders said.

SOYBEAN was quoted at 4,950-5,125 rupees per 100 kg, down 50 rupees from Monday, in Indore as arrivals increased, said Mukesh Mangal, a local trader. Arrivals of the oilseed were pegged at 1,500 bags (1 bag = 50 kg), up 300 bags from Monday.

Currently, domestic soybean prices are down by about 23% on year due to higher stocks of oilseed and record edible oil stocks, Kotak Securities Ltd said in a report.

The government has pegged total oilseed output in crop year 2022-23 (Jul-Jun) at 41.0 mln tn as against 38.0 mln tn the previous year. It has scaled up the estimate for soybean output in 2022-23 to 15.0 mln tn from 13.0 mln tn. The US Department of Agriculture has projected global soybean output to rise by 40.2 mln tn to 410.6 mln tn.

In Jaipur, MUSTARD was sold at 5,100-5,125 rupees per 100 kg, down 50 rupees from Monday due to sluggish demand, said Rupesh Parekh, a local trader.

However, arrivals in Jaipur were estimated at 250,000 bags (1 bag = 50 kg), down 150,000 bags from Monday. Arrivals across the country were also pegged lower at 550,000 bags, compared with 725,000 bags on the previous day of trade, Parekh said.

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

Edited by Deepshikha Bhardwaj

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