Informist, Tuesday, Mar 28, 2023
By Arunima Bharadwaj
NEW DELHI – Prices of mustard rose today in Jaipur, Rajasthan, due to a decline in arrivals, and those of soybean were up in key markets due to higher demand for the oilseed, market participants said.
MUSTARD seeds were sold at 5,650-5,675 rupees per 100 kg, up 25 rupees from Monday as arrivals of the oilseed declined, said Rupesh Parekh, a Jaipur-based trader.
Arrivals of the oilseed were pegged at 600,000 bags (1 bag = 50 kg), down 50,000 bags from the previous trading day. Total arrivals across the country were pegged at 1.05 mln bags, compared with 1.20 mln bags on Monday, Parekh said.
In its second advance estimate, the government has pegged the country’s mustard production in crop year 2022-23 (Jul-Jun) at 12.8 mln tn, against 12.0 mln tn last year. The US Department of Agriculture has estimated India’s mustard output at a record high of 11.3 mln tn in 2022-23.
Mustard is one of the main crops grown in India during the rabi season. The normal area under the crop is 6.3 mln ha.
In Indore, Madhya Pradesh, SOYBEAN was sold at 5,200-5,375 rupees per 100 kg, up 35 rupees from Monday, said Mukesh Mangal, a local trader. Arrivals were pegged steady at 800 bags.
India recorded a growth of over 125% in soymeal exports during Apr-Feb at 787,000 tn against 350,000 tn last year owing to low prices of the oilseed, said analysts at Kotak Securities in a report. “Good demand for soybean crushing is keeping prices supportive,” it 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. End
Edited by Tanima Banerjee
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