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India Edible Oil: Mustard, soybean prices fall on rise in arrivals

Informist, Monday, Jan 9, 2023

 

By Arunima Bharadwaj

 

NEW DELHI – Prices of mustard fell today in Jaipur, Rajasthan, as estimates show the production may rise in the ongoing crop year 2022-23 (Jul-Jun), while those of soybean fell in Indore, Madhya Pradesh due to an increase in arrivals, traders said.

 

MUSTARD seed was sold at 6,425-6,450 rupees per 100 kg, down 25 rupees from Friday. Arrivals were pegged at 190,000 bags (1 bag = 84 kg), up 5,000 bags from the previous trading day, said Rupesh Parekh, a local trader.

 

* The output of the key oilseed is set to hit a record high this year, especially in the eastern region. It is expected to boost domestic oilseeds production and reduce the country’s dependence on import of edible oil. 

 

* Farmers in the country have sown mustard across 9.5 ha in the current rabi season as of Thursday, up 7.8% from a year ago, data from the farm ministry showed.

 

* Mustard production for 2022-23 (Jul-Jun) is seen around 1.25 mln tn, up 6% from last year due to conducive weather conditions, analysts said. 

 

* In Indore, SOYBEAN was sold at 5,700 rupees per 100 kg, down 100 rupees from Friday because of an increase in arrivals, said N.K. Agarwal, a local trader.

 

* Arrivals were pegged at 4,000 bags (1 bag = 100 kg), up 1,000 bags from Friday.

 

* Prices are expected to remain steady in the coming week, Agarwal said.

 

End

 

Edited by Vidhi Verma

 

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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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