Informist, Monday, Apr 17, 2023
By Arunima Bharadwaj
NEW DELHI – Prices of soybean and mustard fell today in main markets across the country, market participants said.
In Indore, Madhya Pradesh, SOYBEAN was sold at 5,250-5,450 rupees per 100 kg, down 70 rupees from Thursday, traders said. Arrivals were pegged at 800 bags, down 400 bags from Thursday, said Mukesh Mangal, an Indore-based trader.
Last week, arrivals were about 64,300 tn, compared with 42,200 tn the previous week because of higher demand for soybean crushing, analysts at Kotak Securities said in their daily report.
“Soybean prices are expected to trade in the range of 5,450-5,650 rupees per 100 kg.” Currently, domestic soybean prices are down by about 32% on year due to higher edible oil stocks and prospects of higher oilseed production, the report said.
The Soybean Processors Association has scaled up its estimate for soybean output in the 2022 kharif season by 3.1% to 12.4 mln tn, it said in its final estimate released on Saturday.
The US Department of Agriculture has scaled down its estimate for global production of oilseeds in 2022-23 (May-Apr) to 625.4 mln tn from 629.9 mln last month. The agency projected global soybean output in 2022-23 at 369.6 mln tn, 6 mln tn lower than the estimate in March.
MUSTARD seed was sold at 5,525-5,550 rupees per 100 kg, down 25 rupees from Thursday as arrivals increased, said Rupesh Parekh, a Jaipur-based trader.
In Jaipur, arrivals of the oilseed were pegged at 750,000 bags (1 bag = 50 kg), up 50,000 bags from Thursday. Total arrivals across the country were pegged steady at 1.3 mln bags, Parekh said.
Arrivals during last week improved to 188,000 tn compared with 158,000 tn the previous week, Kotak Securities said in a report. “Sufficient arrivals and a higher production forecast have kept prices 23% lower on year.”
In its second advance estimate, the government has pegged the country’s mustard production in the 2022-23 (Jul-Jun) crop year at 12.8 mln tn, against 12.0 mln tn the previous year. End
Edited by Manisha Baxla
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 [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
