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Wednesday, February 1, 2023

India Edible Oil: Soybean flat on global cues; spot mustard stable

Informist, Thursday, Dec 29, 2022


By Ashtha Tiwari 


NEW DELHI – Prices of soybean in Indore, Madhya Pradesh, remained unchanged today, tracking global prices, market participants said. Similarly, prices of mustard seed in Jaipur, Rajasthan, were stable today amid selling before arrival of the new crop in February, traders said.


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


* The global prices of soy oil directly affect domestic prices of soybean, traders said.


* Soy oil prices have not improved much internationally, hence soybean prices in the spot market are steady for the past few days, an Indore-based trader said. 


* In Jaipur, MUSTARD seed was sold at 6,675-6,700 rupees per 100 kg, unchanged from Wednesday. Arrivals were pegged steady at 275,000 bags (1 bag = 84 kg).


* “The new crop is likely to come in February, so the focus will be on selling the old crop before fresh arrivals,” said Rupesh Parekh, a Jaipur-based dealer.


* 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.


* 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, moong, 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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