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Wednesday, November 30, 2022

India Edible Oil: Spot mustard, soybean prices up as demand improves

Informist, Friday, Oct 7, 2022

 

By Sayantan Sarkar

 

MUMBAI – Prices of mustard in the benchmark market of Jaipur, Rajasthan, and soybean in Indore, Madhya Pradesh, rose today due to rise in demand from domestic oil millers and crushers.

 

* MUSTARD was sold at 6,325-6,350 rupees per 100 kg, up 75-100 rupees from Thursday. Arrivals were steady at 225,000 bags (1 bag = 84 kg).

 

* Demand for the oilseed is seen rising from next week, ahead of Diwali. However, increased supply is likely to keep prices in check ahead of sowing of the new crop, said Rupesh Parekh, a trader with Marudhar Trading.

 

* Farmers may begin planting rabi mustard from the first week of November, Parekh said.

 

* Prices of SOYBEAN rose in Indore due to fall in arrivals of the oilseed. The fresh soybean crop has started arriving since a week in Laxmi Nagar and Seoni, key spot markets of Indore.

 

* In Indore, the new soybean crop fetched 4,700 rupees per 100 kg, up from 3,500-4,500 rupees on Thursday. Arrivals were also lower at 5,000 bags (1 bag = 90 kg) compared with 7,000 bags the previous day.

 

* Arrival of the fresh crop is expected to increase over the next few days, pulling down prices. However, a lot depends on weather conditions, local trader N.K. Agarwal said.

 

* Due to unseasonal rainfall, the standing oilseed crop has been damaged, and about 10% of output from the total sown area is expected from Indore district, he added.  End

 

Edited by Ashish Shirke

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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