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Friday, February 3, 2023

India Edible Oil: Mustard dn on weak demand; soy dn on high arrivals

Informist, Tuesday, Jan 10, 2023

 

By Ashtha Tiwari 

 

NEW DELHI – Prices of mustard fell today in Jaipur, Rajasthan, due to sluggish demand for the old crop before fresh arrivals hit the market in February, traders said. While those of soybean fell in Khamgaon, Maharashtra, due to an increase in arrivals, traders said.

 

* MUSTARD seed was sold at 6,375-6,400 rupees per 100 kg, down 50 rupees from Monday. Arrivals were steady at 190,000 bags (1 bag = 84 kg).

 

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

 

* In the ongoing 2022-23 rabi season, farmers 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.

 

* 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. 

 

* In Khamgaon, SOYBEAN was sold at 5,400 rupees per 100 kg, down 300 rupees from Monday, a local trader said. Arrivals were pegged at 10,000 bags (1 bag = 100 kg), up 7,000 bags from the previous trading day. 

 

* Prices of soybean fell in the market due to poor demand for soymeal, traders said. 

 

* Soybean meal is obtained after grinding soybean, which is left after oil extraction from soybean grains.  End

 

Edited by Manisha Baxla

 

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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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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