Back

India Edible Oil:Spot mustard up on improved demand, soybean flat

Informist, Monday, Aug 8, 2022

 

By Puja Das

 

NEW DELHI – Prices of mustard in the benchmark market of Jaipur, Rajasthan, rose today, while those of soybean in Indore, Madhya Pradesh, were flat due to the absence of fresh triggers.

 

MUSTARD prices were at 6,900-6,925 rupees per 100 kg, up 50 rupees from Saturday, due to improved demand from domestic oil millers and crushers despite higher supply. Arrivals were pegged higher at 200,000 bags (1 bag = 84 kg) from 175,000 bags on Saturday.

 

* Prices of the oilseed may rise further as the festival season is yet to begin, said Rupesh Parekh, a trader with Marudhar Trading. However, mills are unable to stock mustard oil beyond the permissible holding limit of 200,000 tn, which also supported prices, he said.

 

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

 

* Prices of SOYBEAN were at 5,800-6,200 rupees per 100 kg, unchanged from Saturday. Arrivals were pegged lower at 1,200 bags (1 bag = 90 kg) from 1,500 bags on Saturday due to wet weather conditions, Indore-based trader N.K. Aggarwal said.

 

* Soybean prices are seen falling in the near future as global crude palm oil prices may decline further due to concerns over likely higher supply in Malaysia, the second leading exporter. 

 

* Malaysia's vegetable oil production is likely to rise as Indonesia has allowed its labour force to go and work there. Indonesia has also agreed to integrate the existing system between the two countries for recruitment of Indonesian domestic workers. End

 

Edited by Sushmita Mukherjee

 

 

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 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

 

Other News

Informist Poll:Fading base effect may drag Jul-Sep GDP growth to 6.3%

Informist, Monday, Nov 28, 2022 By Aditya Saroha and Priyansh Verma NEW DELHI – Growth in the Indian economy likely slowed to 6.3% in Jul-Sep from 13.5% a quarter ago, largely due to fading away of the statistical effect of a low base, according to an Informist poll of 23 economists. At 6.3%, the GDP growth rate will be in […]

Windfall gain tax mop-up about 150 bln rupee so far, says govt source

Informist, Monday, Nov 28, 2022 By Priyasmita Dutta and Sagar Sen NEW DELHI – The government has mopped up about 150 bln rupees so far from the additional tax imposed on windfall gains of domestic crude oil producers and petroleum product exporters following the sharp rise in oil prices globally. "The collection from the windfall gains tax will be nearly 140-150 bln […]

Equity Futures: Bullish bets in upstream oil cos as crude prices fall

Informist, Monday, Nov 28, 2022 By Vaibhavi MUMBAI – Traders aggressively bought futures and options of upstream oil companies today, anticipating more gains in these counters, as a drop in Brent crude oil prices eased pressure on their profitability. Brent crude futures slumped to an over 10-month low of around $81 per barrel as surging COVID-19 cases in China and the consequent […]