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India Edible Oil: Mustard falls on high supply, soybean prices unch

Informist, Wednesday, Oct 12, 2022

 

By Puja Das

 

NEW DELHI – Prices of mustard declined today in the benchmark market of Jaipur, Rajasthan, and those of soybean were largely unchanged at Indore in Madhya Pradesh.

 

* MUSTARD was sold at 6,500-6,525 rupees per 100 kg, 25 rupees down from Tuesday. Arrivals were pegged higher at 280,000 bags (1 bag = 84 kg) compared with 225,000 bags the previous day.

 

* Prices may fall further if farmers keep bringing more produce. However, a lot will depend on the weather conditions, said Rupesh Parekh, a trader with Marudhar Trading.

 

* In the past few days, supply of the crop had declined due to consistent rainfall. This may delay sowing by 15-20 days, Parekh said.

 

* Farmers typically begin planting the new season’s rabi mustard from the first week of November.

 

* SOYBEAN prices in Indore, Madhya Pradesh, were steady today due to a parity between demand and supply, said N.K. Aggarwal, a local trader.

 

* In Indore, the new soybean crop fetched 4,200-4,800 rupees per 100 kg. Arrivals were also pegged flat at 10,000 bags (1 bag = 90kg).

 

* Farmers are likely to bring up to 15,000 bags daily depending on the weather conditions. Prices are, however, unlikely to fall from the current levels due to expectation of firm demand around Diwali, said a Khamgaon-based trader Sushil Surekha.

 

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

 

Edited by Tanima Banerjee

 

 

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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