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Wednesday, September 28, 2022

India Edible Oil:Mustard flat in spot mkts; soybean dn on global cues

Informist, Thursday, Aug 4, 2022


By Puja Das


NEW DELHI – Prices of soybean fell in the benchmark market of Indore, Madhya Pradesh, tracking global crude palm oil prices that have declined sharply over the past one month. Prices of mustard in Jaipur, Rajasthan, remained flat.


* Prices of SOYBEAN were at 6,000-6,300 rupees per 100 kg, down 100-200 rupees from Wednesday, while arrivals were pegged steady at 1,500 bags (1 bag = 90 kg), Indore-based trader N.K. Aggarwal said.


* Soybean prices are seen falling further, tracking 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.


MUSTARD prices were at 6,800-6,825 rupees per 100 kg, unchanged from Wednesday, as lower supply was sufficient to meet demand. Arrivals were pegged at 195,000 bags (1 bag = 84 kg), against 205,000 bags on Wednesday.


* Prices of the oilseed have gone down as there is still time for the festival season to begin, 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. End


Edited by Avishek Dutta


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Source: Cogencis

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