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India Edible Oil: Mustard rises tracking global cues; soybean flat

Informist, Monday, Dec 26, 2022


By Ashtha Tiwari 


NEW DELHI – Prices of mustard rose today in Jaipur, Rajasthan, tailing global prices, while prices of soybean in Indore, Madhya Pradesh, were unchanged due to steady demand from oil millers and crushers, market participants said. 


MUSTARD seed was sold at 6,725-6,800 rupees per 100 kg, up 25-50 rupees from Friday. Arrivals were pegged at 260,000 bags (1 bag = 84 kg), up 35,000 bags from the previous session. 


* Arrivals usually increase on Monday, after the weekend.


* Prices were slightly up due to a rise in demand for mustard oil, which typically increases during the winters as it is used for cooking and other household purposes, traders said.


* Prices of SOYBEAN in Indore were steady at 4,850-5,600 rupees per 100 kg. Arrivals were also pegged steady at 3,000 bags (1 bag = 100 kg). 


* Soybean prices are likely to fall due to higher carryover stocks, moderate demand, and adequate supply of the oilseed in the country, analysts said.   


* Prices of soybean will be stable till mid-January, Ritesh Sahu, analyst at SMC Commodities said. “The prices will depend upon the fresh arrivals that will soon come in the market.”  End


Edited by Tanima Banerjee


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Source: Cogencis

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