Informist, Thursday, Mar 23, 2023
By Arunima Bharadwaj
NEW DELHI – Prices of mustard remained unchanged in key markets of Jaipur, Rajasthan, while those of soybean were unavailable as markets in Indore, Madhya Pradesh, were shut, traders said.
MUSTARD seed was sold at 5,675-5,700 rupees per 100 kg in Jaipur, steady from Wednesday, as arrivals were sufficient to meet demand, said Rupesh Parekh, a local trader.
Arrivals of the oilseed were pegged at 575,000 bags (1 bag = 50 kg), up 50,000 bags from the previous trading day. Total arrivals in the country were pegged at 1.10 mln bags, compared with 1.05 mln bags on Wednesday, Parekh said.
Prices of the oilseed are down 21.7% on year due to sufficient arrivals and higher production of mustard so far this year, analysts said.
The US Department of Agriculture has estimated India’s mustard output at a record high of 11.3 mln tn in 2022-23 (May-Apr). In its second advance estimate, the government pegged the country’s mustard production at 12.8 mln tn, against 12.0 mln tn last year.
SOYBEAN prices were unavailable today as markets in Indore were shut on account of a local festival, said Mukesh Mangal, a local trader. Markets will reopen on Friday, traders said.
Maharashtra expects its soybean output to rise 19.7% on year to 6.6 mln tn in 2022-23 due to better yield and higher acreage, analysts said.
The US Department of Agriculture has projected global soybean output in 2022-23 at 375 mln tn, 8 mln tn lower than the estimate in February. Global soybean exports are seen higher at 168.4 mln tn, compared with 167.5 mln tn last month due to higher-than-expected shipments through February, the agency said in its report for March. End
Edited by Tanima Banerjee
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