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India Edible Oil:Mustard up on global cues; soybean dn on high supply

Informist, Tuesday, Dec 27, 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, fell due to increased arrivals from farmers, market participants said. 


MUSTARD seed was sold at 6,825-6,850 rupees per 100 kg, up 50 rupees from Monday. Arrivals were pegged at 230,000 bags (1 bag = 84 kg), down 30,000 bags from the previous session. 


* Prices also rose due to increased demand for mustard oil, which typically rises during the winters as it is used for cooking and other household purposes, traders said.


* However, India’s mustard seed production is expected to rise this year as sowing in the ongoing rabi season is 8.2% higher from a year ago, according to agriculture ministry data. This may limit the rise in prices. 


* SOYBEAN in Indore was sold at 5,400-5,500 rupees per 100 kg, down 50 rupees from Monday. Arrivals were pegged at 10,000 bags (1 bag = 100 kg), up 7,000 bags from the previous session. 


* Demand for the oilseed was moderate in the market. Meanwhile, farmers were not bringing their produce in large quantities, as they were waiting for global prices to rise further, an Indore-based trader said. 


* Additionally, the ban on soybean and mustard futures traded by the Securities and Exchange Board of India has added to the uncertainties. Farmers are reportedly facing challenges in gauging the real-time rate of the commodities in the absence of futures trading. 


* SEBI has extended the ban on trading in futures contracts of paddy, wheat, mustard, soybean, mong, chana, and crude palm oil by another one year till Dec 20, 2023.  End


Edited by Tanima Banerjee



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Source: Cogencis

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