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India Edible Oil: Spot mustard tad up on firm demand; soybean steady

Informist, Friday, Apr 22, 2022

 

By Uddipta Banerjee

 

NEW DELHI – Prices of mustard rose marginally in Rajasthan’s Jaipur market today because of firm demand from domestic and overseas buyers. Soybean prices in Indore, the benchmark market in Madhya Pradesh, remained largely unchanged, traders said.

 

* In Jaipur, MUSTARD was sold for 7,225 rupees per 100 kg, up 25 rupees from Wednesday. Arrivals were pegged unchanged at 625,000 bags (1 bag = 84 kg). 

 

* Robust demand for mustard from international stockists, driven primarily by supply concerns regarding sunflower oil from the Russia-Ukraine corridor, lent support to prices of the oilseed, a trader with Manishankar Oils said. Russia and Ukraine are locked in a war, which has created supply bottlenecks for major agricultural and non-agricultural commodities. 

 

* India saw record mustard seed production in 2021-22, but farmers are refraining from bringing their produce in large quantities for sale since they are waiting for a further rally in prices, the trader added.

 

* Meanwhile, SOYBEAN arrivals were pegged largely unchanged in Indore at 600 bags (1 bag = 100 kg), said local trader N.K. Aggarwal. The oilseed was sold steady at 7,500-7,800 rupees per 100 kg because arrivals were sufficient to meet demand.

 

* Farmers are bringing lower produce to the market due to low availability of stock, as the end of the season approaches for the oilseed, Aggarwal said. Prices may breach the 8,000-rupees mark if arrivals decline further, he added.  End

 

Edited by Namrata Rao

 

Cogencis news is now Informist. 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.

 

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Source: Cogencis

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