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India Edible Oil: Mustard down on global cues; Indore soybean flat

Informist, Wednesday, Dec 28, 2022


By Ashtha Tiwari 


NEW DELHI – Prices of mustard seed were down today in Jaipur, Rajasthan, due to fall in edible oil prices in the global market, traders said. Prices of soybean remained unchanged in Indore, Madhya Pradesh, as supply was adequate to meet demand, market participants said.


* In Jaipur, MUSTARD seed was sold at 6,675-6,700 rupees per 100 kg, down 50 rupees from Tuesday. Arrivals were pegged at 275,000 bags (1 bag = 84 kg), up 45,000 bags from the previous trading day.


* “We expect a higher mustard crop in coming months, which is having a softening effect on prices,” Jaipur-based dealer Rupesh Parekh said.


* Prices of mustard are likely to stay in the range of 6,500-6,900 rupees over the next one month, before the new crop arrives in February, market participants said.


* In Indore, SOYBEAN was sold at 5,400-5,500 rupees per 100 kg, unchanged from Tuesday. Arrivals were pegged at 7,000 bags (1 bag = 100 kg), down 3,000 bags from the previous trading day.


* Prices of the oilseed are expected to remain steady at 5,400-5,500 rupees this week, traders said.


* However, analysts think soybean prices may rise marginally over the next one week due to bulk demand from crushers and stockists.


* Farmers are reportedly facing challenges in gauging the real-time rate of mustard and soybean in the absence of futures trading. The Securities and Exchange Board of India 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 Ashish Shirke


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Source: Cogencis

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