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Friday, January 27, 2023

India Edible Oil:Mustard flat ahead of new crop, spot soybean steady

Informist, Friday, Dec 30, 2022

 

By Ashtha Tiwari 

 

NEW DELHI – Prices of mustard seed in Jaipur were steady today amid selling before arrivals of the new crop start in February, traders said. Prices of soybean in Indore remained unchanged, tracking global prices, market participants said.

 

* In Jaipur, MUSTARD seed was sold at 6,675-6,700 rupees per 100 kg, unchanged from Thursday. 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.

 

* The fresh mustard crop is likely to arrive in the first or second week of February, analysts said. In the ongoing 2022-23 rabi season, farmers in the country have sown mustard across 9.4 mln ha as of Thursday, up 8.8% from a year ago, according to data from the farm ministry.

 

* However, the market also expects some damage to the crop from dry weather conditions in Rajasthan, analysts said. Meanwhile, the acreage in Rajasthan, the largest producer of the oilseed, was up 14% on year at 3.85 mln ha as on Thursday. 

 

* 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 prices of soybean are steady in spot markets ahead of the New Year, resulting in less demand, analysts said. 

 

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

 

Edited by Avishek Dutta

 

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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