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India Edible Oil: Spot soybean down tracking BMD CPO, mustard steady

Informist, Monday, Jul 25, 2022


By Puja Das


NEW DELHI – Prices of soybean fell in Indore tracking global crude palm oil prices, while mustard prices in the benchmark market of Jaipur remained flat today.


* Prices of SOYBEAN were at 5,700-6,900 rupees per 100 kg, down 50 rupees from Saturday. Arrivals were pegged steady at 1,500 bags (1 bag = 90 kg), an Indore-based trader NK Aggarwal said. 


* Prices are seen falling in the near future if global crude palm oil prices decline further, he said.


* Farmers are likely to bring more produce to the market when prices move upwards. However, it depends on weather conditions, he added.


MUSTARD prices remained steady at 6,800-6,025 rupees per 100 kg in Jaipur due to weak demand from domestic oil millers and crushers despite arrivals rising to 200,000 bags (1 bag = 84 kg) from 170,000 bags.


* Even with India estimating record high mustard seed production in 2021-22 (Jul-Jun), farmers are not bringing their produce to the market in large quantities as they are waiting for prices to rise further, a trader with Manishankar Oils said.




Edited by Sushmita Mukherjee


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Source: Cogencis

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