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India Edible Oil: Soybean up on higher demand, mustard prices down

Informist, Wednesday, Jan 4, 2023


By Ashtha Tiwari 


NEW DELHI – Prices of soybean in Indore rose due to firm demand from crushers and millers, market participants said. However, mustard prices in Jaipur fell due to sluggish demand amid the ongoing lean season, traders said.


* In Indore, SOYBEAN was sold at 5,800-5,850 rupees per 100 kg, up 100 rupees from Tuesday, due to firm demand from domestic oil millers and crushers, an Indore-based dealer said.


* Arrivals were pegged at 3,000 bags (1 bag = 100 kg), down 1,000 bags from the previous trading day.


* Prices are expected to rise due to higher demand from millers, analysts said. Margins for soybean crushing have improved in recent days due to a recovery in global prices of soybean oil. 


* In Jaipur, MUSTARD seed was sold at 6,575-6,600 rupees per 100 kg, down 100 rupees from Tuesday despite arrivals falling by 90,000 bags from the previous trading day to 185,000 bags (1 bag = 84 kg).


* A small lot of the fresh crop has started arriving in the border areas of Madhya Pradesh and Rajasthan, Jaipur-based trader Rupesh Parekh said.   


* India’s mustard seed production is expected to rise this year as sowing of the oilseed 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.  End


Edited by Avishek Dutta


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Source: Cogencis

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