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India Edible Oil: Spot mustard down on limited demand, soybean steady

Informist, Wednesday, Aug 3, 2022


By Puja Das


NEW DELHI – Prices of mustard fell in the benchmark market of Jaipur, Rajasthan, while those of soybean in Indore remained flat today due to limited demand from domestic oil millers and crushers.


MUSTARD prices were at 6,800-6,825 rupees per 100 kg, 50 rupees lower from Tuesday, while arrivals were pegged steady at 205,000 bags (1 bag = 84 kg).


* Prices of the oilseed have gone down as there is still time for the festival season to begin in full force, said Rupesh Parekh, a trader with Marudhar Trading. Mills are unable to stock mustard oil beyond the permissible holding limit of 200,000 tn, which also weighed on prices, he said.


* 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.


* Prices of SOYBEAN were at 6,000-6,500 rupees per 100 kg, unchanged from Tuesday, and arrivals were also pegged flat at 1,500 bags (1 bag = 90 kg), Indore-based trader N.K. Aggarwal said.


* Soybean prices are seen falling further tracking global cues of crude palm oil due to concerns over likely higher supply in Malaysia, the second leading exporting country. 


* Malaysia’s vegetable oil production is likely to rise as Indonesia has allowed its labour force to go and work in Malaysia. Indonesia has also agreed to integrate the existing system between the two countries for recruitment of Indonesian domestic workers. End



Edited by Sushmita Mukherjee



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Source: Cogencis

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