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India Edible Oil: Soybean prices rise in Indore on low arrivals

Informist, Tuesday, Aug 29, 2023

 

By Arunima Bharadwaj

 

NEW DELHI – Prices of soybean rose today in Indore, Madhya Pradesh, while those of mustard remained flat in Jaipur, Rajasthan, traders said.

 

SOYBEAN was sold at 5,050 rupees per 100 kg in the key wholesale markets of Indore, Madhya Pradesh, up 40 rupees from Monday as arrivals declined, said Mukesh Mangal, a local trader. Arrivals of the oilseed were pegged at 1,200 bags (1 bag = 80 kg), compared with 1,500 bags on Monday.

 

So far this kharif season, farmers have sown soybean in 12.5 mln ha, up from 12.4 mln ha last year, according to data from the agriculture ministry. Soybean, a kharif oilseed, is sown in Jun-Jul and harvested in Sep-Oct.

 

Though condition of the soybean crop is normal in major producing states, there is an immediate need for rains for healthy production, the Soybean Processors Association of India said today. Any delay in rains can be detrimental to the crop, it added.

 

According to data from the agriculture ministry, area under soybean in Madhya Pradesh is 5.3 mln ha compared with 5.0 mln ha in the corresponding period a year ago. In Maharashtra, farmers have sown soybean across 5.0 mln ha against 4.9 mln ha the previous year.

 

The US Department of Agriculture has projected global soybean output in August at 402.79 mln tn, lower than the 405.31 mln tn estimated in the previous forecast. 

 

MUSTARD seed was sold at 5,850-5,875 rupees per 100 kg, steady from Monday, despite a decline in arrivals, said local trader Rupesh Parekh.

 

Arrivals of the oilseed in Jaipur were pegged at 225,000 bags (1 bag = 84 kg), down 25,000 bags from Monday. Arrivals across the country were pegged lower by 45,000 bags at 435,000 bags.

 

In July, the country exported 273,379 tn of mustard meal, significantly higher than 144,308 tn in the year-ago period, data from The Solvent Extractors' Association of India showed.  End

 

Edited by Vidhi Verma

 

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