India Edible Oil: Mustard up on slight rise in demand; soybean steady

Informist, Wednesday, Dec 27, 2023

By Anjali Lavania

MUMBAI – Mustard seed prices rose today in the benchmark markets of Jaipur in Rajasthan while those of soybean remained steady in Indore in Madhya Pradesh, traders said.

MUSTARD prices in Jaipur were at 5,625-5,650 rupees per 100 kg, up 25 rupees from Tuesday. Arrivals all over Rajasthan remained unchanged at 160,000 bags (1 kg = 50 kg), Mahesh Sameriya, a Jaipur-based trader, said.

Arrivals across the country remained unchanged and were pegged at 300,000 bags, according to Marudhar Trading Agency.

“People mostly consume mustard in northern and central India during winter, which leads to a slight rise in prices of oilseed due to improved demand,” Sameriya added.

However, this is a temporary change. In the upcoming months, farmers, millers, and crushing units have less hope,” Sameriya said.

In Indore, SOYBEAN prices were in the range of 4,975-5,135 rupees per 100 kg, unchanged from Tuesday, Narendra Porwal, a Madhya Pradesh-based trader and farmer, said.

“The previous two weeks witnessed prices of soybean in the range of 4,600-4,850 rupees per 100 kg, which has improved a bit now,” Porwal added.

In January, soybean prices will remain between 4,850-4,950 rupees per 100 kg, but if demand improves after that, then soybean prices can reach 5,100-5,500 rupees per 100 kg, Porwal added.

Arrivals were the same in Indore at 2,400 bags (1 bag = 50 kg) today.

The best quality soybean was priced in the range of 4,800-5,135 rupees per 100 kg, Porwal said. The price of average quality soybean across markets in Madhya Pradesh was 4,620-4,750 rupees per 100 kg. For dagi mitti soybean, the price was 4,250-4,400 rupees per 100 kg, he said.

At 1910 IST:

–The December contract of CRUDE SUNFLOWER oil closed 0.9% up at 832.4 rupees per 10 kg on the National Commodity and Derivatives Exchange.

–The January contract of crude sunflower oil closed 0.3% lower at 830 rupees per 10 kg on the NCDEX.

The following table gives the prices in major markets, along with the change:

COMMODITY

MARKET

PRICE

(rupees/100 kg)

CHANGE

(rupees)

MustardJaipur 5,625-5,650 25

Soybean

Indore

4,975-5,135 —

End

Edited by Vidhi Verma

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