Informist, Thursday, Jun 8, 2023
By Arunima Bharadwaj
NEW DELHI – Prices of soybean in Indore, Madhya Pradesh, and those of mustard in Jaipur in Rajasthan remained steady today as supply was sufficient to meet the demand, market players said.
SOYBEAN in Indore was quoted at 4,900-5,100 rupees per 100 kg, unchanged from Wednesday, said Mukesh Mangal, a local trader. Arrivals of the oilseed were pegged at 1,500 bags (1 bag = 50 kg), up 300 bags from Wednesday.
Soybean prices are expected to move in the range of 5,100-5,350 rupees per 100 kg, analysts at Kotak Securities said in a report.
The government has increased the minimum support price of soybean by 300 rupees to 4,600 rupees per 100 kg for the
2023-24 kharif marketing season.
The government has pegged total oilseed output in crop year 2022-23 (Jul-Jun) at 41.0 mln tn as against 38.0 mln tn the previous year. It has scaled up the estimate for soybean output to 15.0 mln tn from 13.0 mln tn. The US Department of Agriculture has projected global soybean output to rise by 40.2 mln tn to 410.6 mln tn.
In Jaipur, MUSTARD was sold at 5,100-5,125 rupees per 100 kg, steady from Wednesday, said Rupesh Parekh, a local trader.
Arrivals in Jaipur were also estimated to be steady at 400,000 bags (1 bag = 50 kg) and arrivals across the country stayed at 750,000 bags.
In its third advance estimate, the government has pegged the country’s mustard production in 2022-23 (Jul-Jun) at 12.5 mln tn compared with 12.0 mln tn in the previous crop year. End
Edited by Vandana Hingorani
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