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India Edible Oil:Spot mustard up, soybean extends fall on global cues

Informist, Friday, Aug 5, 2022


By Puja Das


NEW DELHI – Prices of mustard in the benchmark market of Jaipur, Rajasthan, rose today, while those of soybean in Indore, Madhya Pradesh, continue to decline tracking global crude palm oil prices that have been falling since May.


MUSTARD prices were at 6,825-6,850 rupees per 100 kg, up 50 rupees from Thursday, due to improved demand from domestic oil millers and crushers. Arrivals were pegged flat at 195,000 bags (1 bag = 84 kg).


* Prices of the oilseed may rise further as the festival season is yet to begin, said Rupesh Parekh, a trader with Marudhar Trading. However, mills are unable to stock mustard oil beyond the permissible holding limit of 200,000 tn, which also supported prices, he said.


* Even with India estimating a 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 6,000-6,200 rupees per 100 kg, down 100 rupees from Thursday, 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 in the near future as global crude palm oil prices may decline further due to concerns over likely higher supply in Malaysia, the second leading exporter. 


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



Edited by Tanima Banerjee



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Source: Cogencis

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