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India Edible Oil: Spot mustard down on poor demand; soybean steady

Informist, Friday, Jul 22, 2022

 

By Puja Das

 

NEW DELHI – Prices of mustard fell in the benchmark market of Jaipur, Rajasthan, due to weak demand from domestic oil millers and crushers, while prices of soybean remained flat in Indore.

 

* MUSTARD was sold at 6,800-6,825 rupees per 100 kg, down 25 rupees from Thursday, despite arrivals being lower at 200,000 bags (1 bag = 84 kg) compared with 220,000 bags on Thursday.

 

* Even though India's mustard seed production is seen at a record high in 2021-22 (Jul-Jun), farmers are not bringing their produce to the market in large quantities as they are waiting for prices to rise further, said a trader with Manishankar Oils.

 

SOYBEAN prices were steady at 5,800-6,000 rupees per 100 kg, and arrivals were unchanged at 1,500 bags, Indore-based trader N.K. Aggarwal said.

 

* Farmers are likely to bring more produce to the market when prices move upwards. However, it depends on the weather conditions, he said.

 

* Soybean prices are likely to trade in a range for rest of the week, Aggarwal said.  End

 

Edited by Ashish Shirke

 

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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.

 

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