Informist, Thursday, May 4, 2023
By Arunima Bharadwaj
NEW DELHI – Prices of soybean fell today in the key wholesale markets of Indore, Madhya Pradesh, while prices of mustard remained steady in Jaipur, Rajasthan, market players said.
In Indore, SOYBEAN was sold at 5,200-5,400 rupees per 100 kg, down 50 rupees from Wednesday, said local trader Mukesh Mangal. Arrivals were steady at 800 bags (1 bag = 50 kg).
The US Department of Agriculture has scaled down its estimate for global oilseed production in 2022-23 (May-Apr) to 625.4 mln tn from 629.9 mln estimated last month. The agency has projected global soybean output in 2022-23 at 369.6 mln tn, 6 mln tn lower than the estimate in March.
The Indian government has pegged oilseed output in 2022-23 at 40.0 mln tn against 38.0 mln tn in the previous year. It has revised the view on soybean output in 2022-23 to 14.0 mln tn from 13.0 mln tn earlier.
MUSTARD prices remained unchanged in Jaipur as demand matched supply, said Rupesh Parekh, a local trader. Mustard seeds were sold at 5,275-5,300 rupees per 100 kg.
Arrivals of mustard in Jaipur were pegged at 375,000 bags (1 bag = 50 kg), down 25,000 bags from Wednesday. Arrivals across the country were estimated at 750,000 bags, down 25,000 bags from the previous day, traders said.
In its second advance estimate, the government has pegged the country’s mustard production in 2022-23 (Jul-Jun) crop year at 12.8 mln tn against 12.0 mln tn the previous year. End
Edited by Ashish Shirke
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