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



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